§ 5891 Structured settlement factoring transactions

Terms Used In U.S. Code > Title 26 > Subtitle E > Chapter 55

  • advanced workplace technologies: includes --

    (A) numerically controlled machine tools, robots, automated process control equipment, computerized flexible manufacturing systems, associated computer software, and other technology for improving the manufacturing and industrial production of goods and commercial services, which advance the state-of-the-art. See 29 USC 2703

  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.
  • person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means any State of the United States or the District of Columbia. See
  • Statute: A law passed by a legislature.
  • 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
  • transaction: includes a series of transactions. See 26 USC 7701
  • United States: when used in a geographical sense includes only the States and the District of Columbia. See 26 USC 7701
  • worker organization: means a labor organization within the meaning of section 501(c)(5) of title 26. See 29 USC 2703