Common use of Income Tax Reporting Clause in Contracts

Income Tax Reporting. For federal and state income tax purposes, the Trustees shall file such returns and statements as in their judgment are required to comply with applicable provisions in the 1986 Code and regulations thereunder, and any state taxation laws and regulations thereunder. Until dissolution of this Trust and distribution of the underlying assets, the Trustor shall be considered the owner of the properties for purposes of allocation of items of income, gain, loss, deduction and credit.

Income Tax Reporting. For federal and state income tax purposes, the Trustees Trustee shall file such returns and statements as in their its judgment are required to comply with applicable provisions in of the 1986 Code and regulations thereunder, thereunder and any state taxation laws and arid regulations thereunder. Until dissolution of this Trust and distribution of the underlying assets, the Trustor shall be considered the owner of the properties for purposes of allocation of items of income, gain, loss, deduction and credit.