Terms Used In Montana Code > Title 15 > Chapter 30 - Individual Income Tax

• Account: means a Montana farm and ranch risk management account. See Montana Code 15-30-3002
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Capital stock: means voting or nonvoting common or preferred stock acquired as the result of employment or service as an employee or director with a corporation. See Montana Code 15-30-3702
• Continuance: Putting off of a hearing ot trial until a later time.
• Corporation: means a corporation, as defined in 15-30-2101, including a unitary business, as described in 15-31-301. See Montana Code 15-30-3702
• Department: means the department of revenue provided for in 2-15-1301. See Montana Code 15-30-3102
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Disqualification period: means any period of 2 consecutive tax years in which the taxpayer is not engaged in an eligible agricultural business. See Montana Code 15-30-3002
• Donation: means a gift of cash. See Montana Code 15-30-3102
• Donor: The person who makes a gift.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible agricultural business: means the business of agricultural production, as agricultural is defined in 15-1-101, including silviculture, conducted by an individual or family farm corporation that files net farm income reports for tax purposes as required by the United States internal revenue service. See Montana Code 15-30-3002
• Eligible student: means a student who is a Montana resident and who is 5 years of age or older on or before September 10 of the year of attendance and has not yet reached 19 years of age. See Montana Code 15-30-3102
• 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}
• Executor: A male person named in a will to carry out the decedent
• Family farm corporation: means a corporation that consists of immediate family members. See Montana Code 15-30-3002
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• 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.
• 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.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Immediate family members: means family members that are within the second degree of consanguinity or affinity. See Montana Code 15-30-3002
• Individual: means a human being and does not include an estate or trust. See Montana Code 15-30-3002
• Innovative educational program: includes any of the following:

  (a)transformational learning as defined in 20-7-1602;

  (b)advanced opportunity as defined in 20-7-1503;

  (c)any program, service, instructional methodology, or adaptive equipment used to expand opportunity for a child with a disability as defined in 20-7-401;

  (d)any courses provided through work-based learning partnerships or for postsecondary credit or career certification;

  (e)technology enhancements, including but not limited to any expenditure incurred for purposes specified in 20-9-533; and

  (f)capital improvements and equipment necessary to support an innovative educational program. See Montana Code 15-30-3102

• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Local government: means a city, town, county, consolidated city-county, special district, or school district or a subdivision of one of these entities. See Montana Code 2-6-1002
• Local government records committee: means the committee provided for in 2-6-1201. See Montana Code 2-6-1002
• Net long-term capital gain: has the meaning provided in section 1222(7) of the Internal Revenue Code, 26 U. See Montana Code 15-30-3702
• 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.
• Pass-through entity: has the meaning provided in 15-30-2101. See Montana Code 15-30-3102
• Predecessor or successor corporation: means a corporation that was party to a reorganization that was entirely or substantially tax-free and that occurred during or after the employment of an individual claiming the rate under 15-30-3704. See Montana Code 15-30-3702
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Public agency: means the executive, legislative, and judicial branches of Montana state government, a political subdivision of the state, a local government, and any agency, department, board, commission, office, bureau, division, or other public authority of the executive, legislative, or judicial branch of the state of Montana. See Montana Code 2-6-1002
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public officer: means any person who has been elected or appointed as an officer of state or local government. See Montana Code 2-6-1002
• Public record: means public information that is:

  (a)fixed in any medium and is retrievable in usable form for future reference; and

  (b)designated for retention by the state records committee, judicial branch, legislative branch, or local government records committee. See Montana Code 2-6-1002

• Qualified education provider: means an education provider that:

  (a)is not a public school;

  (b)(i) is accredited, has applied for accreditation, or is provisionally accredited by a state, regional, or national accreditation organization; or

  (ii)is a nonaccredited provider or tutor and has informed the child's parents or legal guardian in writing at the time of enrollment that the provider is not accredited and is not seeking accreditation;

  (c)is not a home school as referred to in 20-5-102(2)(e);

  (d)satisfies the health and safety requirements prescribed by law for private schools in this state; and

  (e)qualifies for an exemption from compulsory enrollment under 20-5-102(2)(e) and 20-5-109. See Montana Code 15-30-3102

• 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.
• Small business corporation: has the meaning provided in 15-30-3301. See Montana Code 15-30-3102
• State records committee: means the state records committee provided for in 2-6-1107. See Montana Code 2-6-1002
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Student scholarship organization: means a charitable organization in this state that:

  (a)is exempt from federal income taxation under section 501(c)(3) of the Internal Revenue Code, 26 U. See Montana Code 15-30-3102

• Taxpayer: has the meaning provided in 15-30-2101. See Montana Code 15-30-3102
• Trustee: A person or institution holding and administering property in trust.