Federal Income Tax. It is the intent of this Company and its Members that this Company will be governed by the applicable provisions of Subchapter K, of Chapter 1, of the Code. The Members intend that the Company shall not be a partnership (including a limited partnership) or joint venture, and that no Member or Members shall be a partner or joint venturer of any other Member or Members, for any purpose other than federal and, if applicable, state tax purposes, and this Agreement shall not be construed to the contrary. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment and shall exercise commercially reasonable efforts to cause the Company to remain classified as a partnership for federal and, if applicable, state income tax purposes.
Federal Income Tax. It is the intent of this Company and its Members that this Company will be governed by the applicable provisions of Subchapter K, of Chapter 1, of the Code.
Federal Income Tax. Except as otherwise provided in this Agreement, Federal Income Tax liability shall be allocated as follows:
Federal Income Tax. You generally will recognize ordinary income for federal income tax purposes on the date the Shares subject to your Award vest, and you must satisfy the income tax withholding obligation applicable to that income. The amount of your taxable income will generally be based on the closing selling price per common share on the New York Stock Exchange on the date your Vested Award Units are issued and distributed times the number of Shares which are distributed on that date. This is a general summary of the possible tax consequences of the Award and is not tax advice. You are advised to consult with your own advisor as to the possible tax consequences of this Award.
Federal Income Tax. (a) It is the desire and intent of the parties to this Agreement to establish a method for allocating the consolidated tax liability of each member among the Affiliated Group (hereinafter defined), for compensating members of the Affiliated Group (as defined in 1.1(b)) for use of their losses, tax credits or tax deferred treatment, and to provide for the allocation and payment of any refunds arising from a carryback of losses, tax credits or tax deferred treatment from subsequent taxable years.
Federal Income Tax. It is the intent of the Company and all of the Members that the Company shall be governed by the applicable terms and provisions of Subchapter K of Chapter 1 of the Internal Revenue Code as amended from time to time (“Subchapter K”) and similar terms and provisions of state tax laws. No election shall be made by the Company, the Board of Managers, the Tax Matters Partner, any Member or any Interest Holder to be excluded from the application of the terms and provisions of Subchapter K or from similar state tax laws.
Federal Income Tax. An opinion from Xxxxx Xxxxx L.L.P. (“Xxxxx Xxxxx”) that, for U.S. federal income tax purposes, (A) when issued, the Notes (other than any Notes beneficially owned on or after the Closing Date by Sunnova Energy or any of its affiliates) will be characterized as indebtedness and (B) the Issuer will not be classified as an association (or a publicly traded partnership) that is taxable as a corporation.
Federal Income Tax. The Company believes that it and its subsidiaries will qualify for the exemption from U.S. federal income tax on their U.S. source international transportation income under Section 883 of the Code for the taxable year ending December 31, 2020 and future taxable years.
Federal Income Tax. An opinion from Xxxxx Xxxxx L.L.P. (“Xxxxx Xxxxx”) that, for U.S. federal income tax purposes, (A) when issued, the Class A Notes (other than any Notes beneficially owned on or after the Closing Date by Sunnova Energy or any of its affiliates) will be characterized as indebtedness, (B) when issued, the Class B Notes (other than any Notes beneficially owned on or after the Closing Date by Sunnova Energy or any of its affiliates) should be characterized as indebtedness and (C) the Issuer will not be classified as an association, a publicly traded partnership, or a taxable mortgage pool that is taxable as a corporation.
Federal Income Tax. All boots, shoes and BDU pants issued to members are considered to be a taxable fringe benefit and the cost of these items will be added to the employee’s W2 as reportable income. Additionally, the plain clothes allowance, value of the dry cleaning benefit for plain clothes members and the value of items adaptable for general use are considered to be a taxable fringe benefit. The cost of these items will be added to the employee’s W2 as reportable income.
