Terms Used In U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter J > Part I > Subpart E - Grantors and Others Treated as Substantial Owners

• agency: has the meaning given that term in section 551(1) of title 5. See 2 USC 1602
• Allegation: something that someone says happened.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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}
• Bequest: Property gifted by will.
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• client: means any person or entity that employs or retains another person for financial or other compensation to conduct lobbying activities on behalf of that person or entity. See 2 USC 1602
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• corporation: includes associations, joint-stock companies, and insurance companies. See 26 USC 7701
• 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.
• covered executive branch official: means &mdash. See 2 USC 1602
• covered legislative branch official: means &mdash. See 2 USC 1602
• domestic: when applied to a corporation or partnership means created or organized in the United States or under the law of the United States or of any State unless, in the case of a partnership, the Secretary provides otherwise by regulations. See 26 USC 7701
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• employee: means any individual who is an officer, employee, partner, director, or proprietor of a person or entity, but does not include&mdash. See 2 USC 1602
• employee: shall include a full-time life insurance salesman who is considered an employee for the purpose of chapter 21. See 26 USC 7701
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• 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.
• foreign: when applied to a corporation or partnership means a corporation or partnership which is not domestic. See 26 USC 7701
• foreign entity: means a foreign principal (as defined in section 1(b) of the Foreign Agents Registration Act of 1938 (22 U. See 2 USC 1602
• foreign trust: means any trust other than a trust described in subparagraph (E) of paragraph (30). See 26 USC 7701
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• including: when used in a definition contained in this title shall not be deemed to exclude other things otherwise within the meaning of the term defined. See 26 USC 7701
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lineal descendant: Direct descendant of the same ancestors.
• lobbying activities: means lobbying contacts and efforts in support of such contacts, including preparation and planning activities, research and other background work that is intended, at the time it is performed, for use in contacts, and coordination with the lobbying activities of others. See 2 USC 1602
• lobbying contact: means any oral or written communication (including an electronic communication) to a covered executive branch official or a covered legislative branch official that is made on behalf of a client with regard to&mdash. See 2 USC 1602
• lobbying firm: means a person or entity that has 1 or more employees who are lobbyists on behalf of a client other than that person or entity. See 2 USC 1602
• lobbyist: means any individual who is employed or retained by a client for financial or other compensation for services that include more than one lobbying contact, other than an individual whose lobbying activities constitute less than 20 percent of the time engaged in the services provided by such individual to that client over a 3-month period. See 2 USC 1602
• media organization: means a person or entity engaged in disseminating information to the general public through a newspaper, magazine, other publication, radio, television, cable television, or other medium of mass communication. See 2 USC 1602
• Member of Congress: means a Senator or a Representative in, or Delegate or Resident Commissioner to, the Congress. See 2 USC 1602
• 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.
• officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
• organization: means a person or entity other than an individual. See 2 USC 1602
• partner: includes a member in such a syndicate, group, pool, joint venture, or organization. See 26 USC 7701
• partnership: includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation. See 26 USC 7701
• 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.
• person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
• person or entity: means any individual, corporation, company, foundation, association, labor organization, firm, partnership, society, joint stock company, group of organizations, or State or local government. See 2 USC 1602
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• public official: means any elected official, appointed official, or employee of&mdash. See 2 USC 1602
• Quorum: The number of legislators that must be present to do business.
• Ranking minority member: The highest ranking (and usually longest serving) minority member of a committee or subcommittee.
• Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
• State: means each of the several States, the District of Columbia, and any commonwealth, territory, or possession of the United States. See 2 USC 1602
• Statute: A law passed by a legislature.
• stock: includes shares in an association, joint-stock company, or insurance company. See 26 USC 7701
• Subpoena: A command to a witness to appear and give testimony.
• taxable year: means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. See 26 USC 7701
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• United States: when used in a geographical sense includes only the States and the District of Columbia. See 26 USC 7701
• United States person: means &mdash. See 26 USC 7701
• writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1