Terms Used In U.S. Code > Title 26 > Subtitle J > Chapter 99 > Subchapter A - Definitions of General Applicability

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Dependent: A person dependent for support upon another.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• partner: includes a member in such a syndicate, group, pool, joint venture, or organization. See 26 USC 7701
• person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
• stock: includes shares in an association, joint-stock company, or insurance company. See 26 USC 7701
• trade or business: includes the performance of the functions of a public office. See 26 USC 7701
• vessel: includes every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water. See 1 USC 3