Michigan Laws 206.701 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 206.701
- 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
- Casino: means that term as defined in section 110. See Michigan Laws 206.701
- 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.
- Flow-through entity: means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. See Michigan Laws 206.701
- Member: means a shareholder of an S corporation, a partner in a general partnership, a limited partnership, or a limited liability partnership, a member of a limited liability company, or a beneficiary of a trust, that is a flow-through entity. See Michigan Laws 206.701
- Partnership: means a taxpayer that is required to or has elected to file as a partnership for federal income tax purposes. See Michigan Laws 206.701
- 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.
- S corporation: means a corporation electing taxation under subchapter S of chapter 1 of subtitle A of the internal revenue code, section 1361 to 1379 of the internal revenue code. See Michigan Laws 206.701
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this chapter:
(a) “Casino” means that term as defined in section 110.
(b) “Casino licensee” means a person licensed to operate a casino under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432.201 to 432.226.
(c) “Eligible production company” means that term as defined under section 455 of the Michigan business tax act, 2007 PA 36, MCL 208.1455.
(d) “Flow-through entity” means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. Flow-through entity does not include any entity disregarded under section 699.
(e) “Member” means a shareholder of an S corporation, a partner in a general partnership, a limited partnership, or a limited liability partnership, a member of a limited liability company, or a beneficiary of a trust, that is a flow-through entity.
(f) “Nonresident” means an individual who is not a resident of or domiciled in this state, a business entity that does not have its commercial domicile in this state, or a trust not organized in this state.
(g) “Partnership” means a taxpayer that is required to or has elected to file as a partnership for federal income tax purposes.
(h) “Publicly traded partnership” means that term as defined under section 7704 of the internal revenue code.
(i) “Race meeting licensee” and “track licensee” mean a person to whom a race meeting license or track license is issued pursuant to section 8 of the horse racing law of 1995, 1995 PA 279, MCL 431.308.
(j) “S corporation” means a corporation electing taxation under subchapter S of chapter 1 of subtitle A of the internal revenue code, section 1361 to 1379 of the internal revenue code.