Common use of Federal Income Taxes Clause in Contracts

Federal Income Taxes. Pursuant to the Supplemental Operating Agreement, it is the intention of Boeing to continue to file its Federal income tax returns on a consolidated basis with MDC and BCSC and its subsidiaries in accordance with the income tax regulations under Section 1502 of the Internal Revenue Code of 1986, as amended. With respect to each taxable year for which such practice remains in effect, BCSC agrees to pay to BCC an amount equal to the excess of (i) the amount of Boeing consolidated Federal income taxes which would be due for such taxable year if such taxes were computed by excluding BCC and its subsidiaries, over (ii) the amount of Boeing consolidated Federal income tax which would be due for such taxable year if such taxes were computed including BCC and its subsidiaries. If for any such taxable year the amount of taxes computed in accordance with clause (ii) hereof shall exceed the amount of taxes computed under clause (i), BCC shall pay BCSC an amount equal to the excess of the clause (ii) amount over the clause (i) amount. If subsequent to any payments made by BCSC (or BCC) pursuant to this Section 1, Boeing or BCSC (or BCC) shall incur Federal income tax losses which under applicable law could be carried back to the taxable year for which such payments were made, BCC (or BCSC) will nevertheless be under no obligation to repay to BCSC (or BCC) any portion of such payments.

Federal Income Taxes. Pursuant to the Supplemental Operating Agreement, it It is the intention of Boeing to continue to file its Federal income tax returns on a consolidated basis with MDC and BCSC and its subsidiaries in accordance with the income tax regulations under Section 1502 of the Internal Revenue Code of 1986, as amended. With respect to each taxable year for which such practice remains in effect, BCSC Boeing agrees to pay to BCC BCSC an amount equal to the excess of (i) the amount of Boeing consolidated Federal income taxes which would be due for such taxable year if such taxes were computed by excluding BCC BCSC and its subsidiaries, over (ii) the amount of Boeing consolidated Federal income tax taxes which would be due for such taxable year if such taxes were computed including BCC BCSC and its subsidiaries. If for any such taxable year the amount of taxes computed in accordance with clause (ii) hereof shall exceed the amount of taxes computed under clause (i), BCC BCSC shall pay BCSC Boeing an amount equal to the excess of the clause (ii) amount over the clause (i) amount. If subsequent to any payments made by BCSC Boeing (or BCCBCSC) pursuant to this Section 1, Boeing or BCSC (or BCCBCSC) shall incur Federal income tax losses which under applicable law could be carried back to the taxable year for which such payments were made, BCC BCSC (or BCSCBoeing) will nevertheless be under no obligation to repay to BCSC Boeing (or BCCBCSC) any portion of such payments.

Federal Income Taxes. Pursuant to the Supplemental Operating Agreement, it is the intention of Boeing to continue to file its Federal income tax returns on a consolidated basis with MDC and BCSC and its subsidiaries in accordance with the income tax regulations under Section 1502 of the Internal Revenue Code of 1986, as amended. With respect to each taxable year for which such practice remains in effect, BCSC agrees to pay to BCC an amount equal to the excess of (i) the amount of Boeing consolidated Federal income taxes which would be due for such taxable year if such taxes were computed by excluding BCC and its subsidiaries, over (ii) the amount of Boeing consolidated Federal income tax taxes which would be due for such taxable year if such taxes were computed including BCC and its subsidiaries. If for any such taxable year the amount of taxes computed in accordance with clause (ii) hereof shall exceed the amount of taxes computed under clause (i), BCC shall pay BCSC an amount equal to the excess of the clause (ii) amount over the clause (i) amount. If subsequent to any payments made by BCSC (or BCC) pursuant to this Section 1Section, Boeing or BCSC (or BCC) shall incur Federal income tax losses which under applicable law could be carried back to the taxable year for which such payments were made, BCC (or BCSC) will nevertheless be under no obligation to repay to BCSC (or BCC) Boeing any portion of such payments. To secure its obligation under this Section 4, pursuant to Section 4 of the BCSC Operating Agreement, BCSC hereby assigns to BCC (to the extent that BCC is entitled to payment from BCSC under this Section 4) its rights under Section 4 of the BCSC Operating Agreement to receive payments from Boeing.