Terms Used In CFR > Title 26 > Chapter I > Subchapter A > Part 1 > gain and loss from operations

• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: includes associations, joint-stock companies, and insurance companies. See 26 CFR 36.3121(l)(1)-1
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Family: means all persons related by blood, marriage, or adoption, or any person living within the household on a permanent basis; and

  (2) "Barter" means the exchange of handicrafts or fish or wildlife or their parts taken for subsistence uses—

  (i) For other fish or game or their parts; or

  (ii) For other food or for nonedible items other than money if the exchange is of a limited and noncommercial nature; and

  (3) "Customary trade" means the exchange of handicrafts or furs for cash to support personal or family needs; and does not include trade which constitutes a significant commercial enterprise. See 36 CFR 13.420

• foreign: when applied to a corporation * * * means a corporation * * * which is not domestic. See 26 CFR 36.3121(l)(1)-1
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• local rural resident: shall mean either of the following:

  (1) Any person who has his/her primary, permanent home within the resident zone as defined by this section, and whenever absent from this primary, permanent home, has the intention of returning to it. See 36 CFR 13.420

• Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• resident zone: shall mean the area within, and the communities and areas near, a national park or monument in which persons who have customarily and traditionally engaged in subsistence uses within the national park or monument permanently reside. See 36 CFR 13.420
• Statute: A law passed by a legislature.
• stock: includes shares in an association, joint-stock company, or insurance company. See 26 CFR 36.3121(l)(8)-1