Common use of Determination of Separate Return Tax Liability Clause in Contracts

Determination of Separate Return Tax Liability. For each taxable period during which Cavco is a member of the Group, the Separate Return Tax Liability of the Cavco Group shall mean the hypothetical federal, state or local income tax liability (computed without regard to any consolidated credit, capital loss or net operating loss deduction allocated under the Regulations under Section 1502 of the Code to one or more members of the Cavco Group, to the extent that (i) such credit or loss becomes allocable

Determination of Separate Return Tax Liability. For each taxable period during which Cavco is a member of the Group, the Separate Return Tax Liability of the Cavco Group shall mean the hypothetical federal, state or local income tax liability (computed without regard to any consolidated credit, capital loss or net operating loss deduction allocated under the Regulations under Section 1502 of the Code to one or more members of the Cavco Group, to the extent that (i) such credit or loss becomes allocableallocable as a carryover for the first taxable year of the Cavco Group beginning on or after the date