Accounting and reports to the residual interestholder, internal revenue service and others
Accounting and Reports to the Residual Interestholder, Internal Revenue Service and Others Sample Clauses
Accounting and Reports to the Residual Interestholder, Internal Revenue Service and Others. Subject to Section 2.12, the Depositor shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) prepare and deliver to the Residual Interestholder during such calendar year, as may be required by the Code and applicable Treasury Regulations, and not later than the latest date permitted by law, such information as may be required (including Schedule K-1) to enable the Residual Interestholder to prepare its federal and state income tax returns, (c) prepare and file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Trust's characterization as a disregarded entity if there is only one Residual Interestholder, or, if there is more than one Residual Interestholder, as a partnership for federal income tax purposes, (d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to the Residual Interestholder. The Owner Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Receivables. The Owner Trustee shall not make the election provided under Section 754 of the Code.