Examples of Straddle Period in a sentence
If, after the Closing Date, Buyer receives notice of an audit or administrative or judicial proceeding with respect to any Asset Tax or Tax Return with respect to Asset Taxes related to a Straddle Period (a “Straddle Period Tax Contest”), Buyer shall notify Seller within ten (10) days of receipt of such notice.
Buyer shall be allocated and bear all Asset Taxes attributable to (A) any Tax period beginning at or after the Effective Date and (B) the portion of any Straddle Period beginning at the Effective Date.
Buyer shall be entitled to prepare or cause to be prepared and file or cause to be filed all Tax Returns required to be filed by the Company on or after the Closing Date, including with respect to any Straddle Period.
All refunds of Taxes of a Company arising from a Pass-Through Return for any Pre-Closing Tax Period (or portion of a Straddle Period ending on the Closing Date as determined in accordance with the same principles provided for in Section 7.09(b)) (whether in the form of cash received or a credit or offset against Taxes otherwise payable) shall be for the benefit of the Sellers.
For all other Taxes for a Straddle Period, such Taxes shall be allocated equally to each day in the Straddle Period and prorated as between the portion of the Straddle Period ending on and including the Closing Date and the portion beginning after the Closing Date based on the number of days included in each such portion.