256(9) Election Sample Clauses
The 256(9) Election clause allows a party to formally choose a specific tax treatment or status under section 256(9) of the Income Tax Act. In practice, this clause typically requires the party to notify the relevant tax authority or the other party in writing of their decision to make the election, often within a specified timeframe. Its core function is to provide a clear mechanism for exercising tax options, ensuring both parties understand the tax implications and responsibilities arising from the election, and reducing the risk of disputes or missed deadlines.
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256(9) Election. Buyer and Seller agree that the Company or F▇▇▇ Canada, as applicable, shall make a timely election under Section 256(9) of the Income Tax Act (Canada) to not have the provisions of Section 256(9) apply to the transactions contemplated by this Agreement such that a change in control of F▇▇▇ Canada shall, for Canadian income tax purposes, take place at the close of business on the Closing Date.
256(9) Election. Solely at the Agent’s or the Purchaser Entities’ discretion and request, each of the FC Group Entities which is subject to income Tax under the Tax Act shall make an election under subsection 256(9) of the Tax Act in its Tax Return for its taxation year ending as a result of the Closing.
256(9) Election. Purchasers shall cause Amalco to file an election not to have subsection 256(9) of the Tax Act apply with respect to Closing.