Common use of Current Return Filing Clause in Contracts

Current Return Filing. Sellers will be responsible for (a) the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns for all the tax periods of Sellers ending on or before Closing, and (b) the payment of all such taxes when due. Buyer will reimburse Sellers for all income taxes (but no penalties or assessments) properly paid by Sellers which relate to operations of the Business from the Effective Date through Closing.

Current Return Filing. Sellers will shall be responsible for (a) the timely preparation and filing of the federal, state and local income tax and gross receipts and use tax returns for all the tax periods of Sellers ending on or before Closing, through the Closing and (b) the payment of all taxes for such taxes when due. Buyer will reimburse Sellers for all income taxes (but no penalties or assessments) properly paid by Sellers which relate to operations of the Business from the Effective Date through Closingperiods.