2014 Income Tax Return Sample Clauses

2014 Income Tax Return. Sellers shall be responsible for income Tax of the Subject Companies allocated to the pre-Closing portion of any Straddle Period (the “Sellers’ Straddle Period Income Tax”). The portion of such income Tax allocated to the pre-Closing portion of the Straddle Period shall be equal to the amount of the entire 2014 income Tax liability multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the period on and prior to the Closing Date and the denominator of which is the number of days in the Straddle Period. With respect to any Sellers’ Straddle Period Income Tax, (A) to the extent such Tax is owed, Sellers shall promptly pay to Purchaser the amount of such Tax (net of any amount of such Tax included in the Closing Accrued Income Tax Liability), and (B) to the extent such Tax is a refund, Purchaser shall promptly pay to Primary Seller (on behalf of Sellers) the amount of such Tax refund (net of any amount of such Tax refund included in the Closing Accrued Income Tax Liability).
Sample 1
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Related to 2014 Income Tax Return

  • INCOME TAX RETURNS Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

  • Income Tax Return Information Each Company will provide to the other Company information and documents relating to their respective Groups required by the other Company to prepare Tax Returns. The Responsible Company shall determine a reasonable compliance schedule for such purpose in accordance with Distributing Co.'s past practices. Any additional information or documents the Responsible Company requires to prepare such Tax Returns will be provided in accordance with past practices, if any, or as the Responsible Company reasonably requests and in sufficient time for the Responsible Company to file such Tax Returns on a timely basis.

  • Income Tax Liability Within ten Business Days after the receipt of revenue agent reports or other written proposals, determinations or assessments of the IRS or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the Tax liability of any “affiliated group” (within the meaning of Section 1504(a)(l) of the Code) which equal or exceed $1,000,000 in the aggregate, telephonic or telecopied notice (confirmed in writing within five Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof.

  • Federal Income Tax Allocations Net income of the Trust for any month as determined for federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) during which the beneficial ownership interests in the Trust are held by more than one Person shall be allocated:

  • Income Tax Allocations (a) Except as provided in this Section 4.3, each item of income, gain, loss and deduction of the Company for federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for Capital Account purposes under Section 4.1 and Section 4.2.

  • Company Tax Returns The Company shall file all tax returns, if any, required to be filed by the Company.

  • Federal Income Tax Elections The Member shall make all elections for federal income tax purposes.

  • Income Tax For purposes of this Section 7, the term "Income Tax" means any Tax based on or measured by gross or net income or receipts (other than sales, use, license or property Taxes or Taxes in the nature thereof) (including, without limitation, capital gains taxes, minimum taxes, income taxes collected by withholding and taxes on tax preference items), and Taxes which are capital, doing business, excess profits or net worth taxes and interest, additions to tax, penalties, or other charges in respect thereof.

  • Income Tax Matters (i) In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant.

  • Income Tax Elections In the event of a distribution of property made in the manner provided under Section 734 of the Code, or in the event of a transfer of any Partnership Interest permitted by this Agreement made in the manner provided in Section 743 of the Code, the General Partner, on behalf of the Partnership, may, but shall not be required to, file an election under Section 754 of the Code in accordance with the procedures set forth in the applicable regulations promulgated thereunder.

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