Terms Used In CFR > Title 27 > Chapter I > Subchapter A > Part 19 > Subpart X > Liability for Taxes

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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.