Terms Used In U.S. Code > Title 26 > Subtitle F > Chapter 61 > Subchapter A > Part II > Subpart C - Estate and Gift Tax Returns

• 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.
• 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
• Decedent: A deceased person.
• Donor: The person who makes a gift.
• Executor: A male person named in a will to carry out the decedent
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
• person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
• Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
• State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
• United States: when used in a geographical sense includes only the States and the District of Columbia. 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