Terms Used In U.S. Code > Title 26 > Subtitle F > Chapter 70 > Subchapter A > Part III - Special Rules With Respect to Certain Cash

• 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.
• 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
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• levy: includes the power of distraint and seizure by any means. See 26 USC 7701
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• 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
• 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
• taxpayer: means any person subject to any internal revenue tax. See 26 USC 7701