2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1021 - Classification and Application of Provisions and Definitions (§§ 31001 — 31002) › § 31002 - Definitions

For purposes of this part, the following terms shall have the meaning stated below:
(1) Stock. — Includes shares in any corporation or partnership, including, but not limited to, associations, limited companies, joint stock companies, professional services corporations, private corporations, limited liability partnerships, limited liability companies, insurance companies, and investment companies.
(2) Stockholder. — Includes members or owners of stock or shares in any corporation or partnership, including, but not limited to, associations, limited companies, joint stock companies, professional services corporations, limited liability partnerships, private corporations, limited liability companies, insurance companies, and investment companies.
(3) Executor. — Includes executor or any person appointed to administer the estate of a decedent; or, in absence of an executor or any other person appointed to administer such estate, then such term shall include any heirs or person who holds all or part of the decedent’s estate.
(4) Death benefits. — Means any amount payable to heirs or beneficiaries of the members of any retirement system for the employees of the Government of Puerto Rico, the municipal governments, and the federal government, or any instrumentality thereof currently established or to be established in the future, as well as any retirement or pension system of a private business that qualifies for exempt status under the provisions of §§ 30041 et seq. of this title on account of benefits payable upon the death of such participant or member of any of said systems.
(5) Possessions, property or share in property. — Includes real property, personal property, and livestock, as well as any kind of share therein, including life annuities, pension or annuity of any other kind, as well as the usufruct, the bare ownership, or any kind of rights over or shares in the same.
(6) Gross decedent’s estate. — (See § 31021 of this title).
(7) Taxes previously paid. — (See § 31041(e) of this title).
(8) Taxpayer. — Means any person subject to any tax imposed by this part.
(9) Domestic. — Applied to corporations or partnerships, means those created in and organized under the laws of Puerto Rico.
(10) Gifts. — (See § 31091(a) of this title).
(11) Puerto Rico resident. — The term “Puerto Rico resident” means an individual who is domiciled in Puerto Rico on the date of his/her death.
(12) Donor. — Means the person who makes or has the power to make or withhold a gift, or change the donee thereof.
(13) Donee. — Means the person who receives a gift, as this term is defined in Chapter 1024 of this part.
(14) Trustee. — Means a guardian, fiduciary in a trust, executor, executor, trustee, conservator or any other person acting on behalf of another in any fiduciary capacity.
(15) Foreign. — Applied to corporations or partnerships, means those that are not domestic.
(16) Heir. — Includes any successor, legatee, beneficiary or any other person entitled to participate in any way in the estate of a decedent.
(17) Includes. — When used in any definition contained in this part, it shall not be construed so as to exclude what would otherwise fall properly within the scope of the meaning of the term thus defined.
(18) Person. — Includes an individual, a trust, a decedent’s estate, a partnership, a corporation or an association of any kind.
(19) Secretary. — Means the Secretary of the Treasury of Puerto Rico.
(20) Insurance. — Excludes those insurance policies on the life of a decedent, regardless of whether the same contains transfers of the proceeds thereof to beneficiaries.
(21) Partner. — Includes a member of a partnership or a person holding shares therein, including but not limited to joint stock company and limited liability partnerships.
(22) Preceding transfer. — (See § 31041(e) of this title).
(23) Court of First Instance, Court of Appeals for the [First] Circuit, and Supreme Court. — The term “Court of First Instance” means the Court of First Instance of Puerto Rico; the term “Court of Appeals for the [First] Circuit” means the Court of Appeals for the [First] Circuit of Puerto Rico; and the term “Supreme Court” means the Supreme Court of Puerto Rico.
(24) Value. — Means the market value, as this last term is defined in § 31022(a) of this title.
(25) Voluntarily. — Means any act or series of acts that stand proof of a mental state inclined toward disregarding the law or infringing the law in full awareness, as this term is used in §§ 33001 et seq. of this title.
History —Jan. 31, 2011, No. 1, § 2010.02, retroactive to Jan. 1, 2011.