Income Tax Election. If the EMPLOYEE makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, the EMPLOYEE shall provide to the COMPANY a copy of such election within thirty (30) days of the filing of such election with the Internal Revenue Service.
Income Tax Election. In accordance with the requirements of the Tax Act, the regulations thereunder, the administrative practice and policy of the Canada Revenue Agency and any applicable equivalent or corresponding provincial or territorial legislative, regulatory and administrative requirements, Buyer and Seller shall make and file, in a timely manner, a joint election(s) to have the rules in subsection 20(24) of the Tax Act, and any equivalent or corresponding provision under applicable provincial or territorial tax legislation, apply to the obligations of Buyer in respect of undertakings which arise from the operation of the Business and to which paragraph 12(1)(a) of the Tax Act applies. Buyer and Seller acknowledge that Seller is transferring assets to Buyer which have a value equal to the elected amount as consideration for the assumption by Buyer of such obligations of Seller.
Income Tax Election. The Purchaser and the Vendor agree to elect jointly in the prescribed form under Section 22 of the Tax Act as to the sale of the accounts receivable and other assets that are referred to in subsection 2.01(e) and described in Section 22 of the Tax Act and to designate in such election an amount equal to the portion of the Purchase Price allocated to such assets pursuant to Section 3.04 as the consideration paid by the Purchaser therefor.
Income Tax Election. Notwithstanding any other provision herein, the rights and liabilities hereunder are several and not joint or collective and this Agreement shall not constitute a partnership. If for federal income tax purposes this Agreement and the operations or activity hereunder are regarded as a partnership, then for federal income tax purposes each party elects to be excluded from the application of all provisions of Subchapter K, Chapter 1, Subtitle A, Internal Revenue Code of 1986 as amended ("Code"), as permitted and authorized by Section 761 of said Code and the regulations promulgated thereunder. Texaco is hereby authorized and directed to execute on behalf of each party such evidence of this election as may be required, including specifically, but not by way of limitation, all of the returns, statements and data required by law. Should there be any requirement that each party further evidence this election, each party agrees to execute such documents and furnish such other evidence as may be required. Each party further agrees not to give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law of the United States or any state contains provisions similar to those contained in Subchapter K, Chapter 1, Subtitle "A" of the Code, under which an election similar to that provided by Section 761 of said Subchapter K is permitted, each party agrees to make such election as may be permitted by such laws. In making this election, each party states that the income derived by it from the operations or activities under this Agreement can be adequately determined without the computation of partnership taxable income. The provisions of this Article 15 shall not affect or demise the Parties rights and obligations under any Farmout Agreement or Sublease entered into pursuant to this Agreement.
Income Tax Election. The parties hereto covenant and agree that, for income and corporation tax purposes, the acquisition cost to the Purchaser and the proceeds of disposition to the Vendors of the Divested Assets shall be deemed to be the amounts set forth in Schedule 4.3 as the Elected Amounts and, at the written request of HCo, the parties shall jointly make, execute and file with the appropriate Governmental Entities the elections required under subsection 85(1) of the Income Tax Act (Canada) and the applicable provisions of the corresponding provincial legislation, if any, in prescribed form and within the prescribed time to give effect to the foregoing. The Purchaser hereby irrevocably appoints HCo as its agent and attorney to sign such election form.
Income Tax Election. The Transferee hereby agrees, at the request and sole discretion of the Transferor, to make a joint election with the Transferor under subsection 85(1) of the Tax Act (and any equivalent or corresponding provisions of any applicable provincial or territorial tax legislation), within the prescribed time and in the prescribed manner, in respect of the transfer of the Transferred Assets by the Transferor to the Transferee at an agreed amount, in respect of each Transferred Asset, determined by the Transferor in its sole discretion (subject in each case to the limitations imposed pursuant to subsection 85(1) of the Tax Act and any equivalent or corresponding provisions of any applicable provincial or territorial tax legislation), in order to minimize any income tax otherwise payable by the Transferor in connection with the transfer of the Transferred Assets to the Transferee and the distribution by the Transferor of the Distribution Transferee Shares to the Participating Former Securityholders pursuant to the Plan of Arrangement.
Income Tax Election. The Limited Partners may elect, by a Special Resolution, that upon the dissolution of the Partnership the deemed disposition by the Partnership of the Property for income tax purposes will take place at the cost amount of the Property rather than the fair market value. The election will be binding upon all Limited Partners.
Income Tax Election. Purchaser and Vendor agree to elect jointly in the prescribed form under Section 22 of the Income Tax Act (Canada) as to the sale of accounts receivable, and to designate in such election an amount equal to the portion of the Purchase Price allocated to such assets pursuant to Section 3.6 and Schedule 3.6 as the consideration paid by Purchaser therefor.
Income Tax Election. The Purchaser and the Vendor shall, as soon as possible after the Closing, jointly execute an election under s.22 of the Income Tax Act (Canada) on Department of National Revenue form T2022 in respect of the sale of the Accounts Receivable, shall designate therein the face value of the Accounts Receivable sold and the applicable portion of the Purchase Price referred to in Schedule ◼ as the consideration paid by the Purchaser therefor, and shall each file such election with Revenue Canada forthwith after execution thereof (and, in any event, with their respective income tax returns for the year of sale) to make such election.
Income Tax Election. (a) The Purchaser shall, on the Closing Date, elect jointly with the Vendor in the prescribed form under Section 22 of the ITA, and any equivalent or corresponding provision under applicable provincial or territorial Tax legislation, as to the sale of the Accounts Receivable referred to in Section 1.1(uuu)(v) and to designate in such election an amount equal to the portion of the Purchase Price allocated in Schedule 2.9 to such assets as the consideration paid by the Purchaser therefor. The Purchaser and the Vendor shall each file such election with the Canada Revenue Agency within the prescribed time.
