INTERNAL REVENUE CODE ELECTION. This Agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the Parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement and the operations hereunder are regarded as a partnership, each Party hereby affected elects to be excluded from the application of all of the provisions of Subchapter “K”, Chapter 1, Subtitle “A”, of the Internal Revenue Code of 1986, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Chesapeake is authorized and directed to execute on behalf of each Party hereby affected such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Federal Regulations 1.761. Should there be any requirement that each Party hereby affected give further evidence of this election, each such Party shall execute such documents and furnish such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such Party shall give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax laws of the state or states in which the Program Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A”, of the Internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each Party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such Party states that the income derived by such Party from operations hereunder can be adequately determined without the computation of partnership taxable income. The Operator shall promptly provide each Party true and correct copies of any and all returns, statements, and the data required by Federal Regulation 1.761, or otherwise filed with the Internal Revenue Service.
INTERNAL REVENUE CODE ELECTION. At its option, following the Closing Date SYS may make an election under Section 338 of the Internal Revenue Code of 1986, as amended, with regard to the Acquisition.
INTERNAL REVENUE CODE ELECTION. This Contract is not intended to create, land shall not be construed to create, a relationship of partnership or an association for profit between or among the partied hereto. If, for Federal income tax purposes, this Contract and the operations hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provisions of Subchapter K, Chapter 1, Subtitle A, of the Internal Revenue Code of 198.6, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. If any present or future income tax laws of the State of Kansas or any future income tax laws of the United States contain provisions similar to those in Subchapter K, Chapter 1, subtitle A, of the Internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws.
INTERNAL REVENUE CODE ELECTION. In accordance with Section 8(e) of the LLC Agreement, the Company will elect to adjust the basis of the Company’s property in accordance with the provisions of the Internal Revenue Code.
INTERNAL REVENUE CODE ELECTION. This agreement is not intended to create and shall not be construed to create a relationship of partnership or an association for the profit between or among the parties hereto. Therefore each party hereby effected elects to be excluded from the application of all other provision of subchapter "K" chapter one subtitle "A", of the Internal Revenue Code as permitted and authorized by Section 761 of the Code and the regulations thereunder. In witness whereof the parties have cause these presents to be duly signed and sealed the day and year first above written. /s/ CHAMXX XXXXXXXX -------------------------------------- Chamxx Xxxxxxxx /s/ ARUNX XXXXXXXX -------------------------------------- Arunx Xxxxxxxx Air Drilling Services, Inc. /s/ MARK XXXXXX -------------------------------------- By: Mark Xxxxxx ---------------------------------- Its: Executive Vice President Specialty Testing and Consulting Ltd. -------------------------------------- By: ---------------------------------- Canadian Air Drilling
INTERNAL REVENUE CODE ELECTION. With respect to this Agreement, each of the parties elects under Section 761(a) of the Internal Revenue Code of 1986, as amended, to be excluded from the provisions of Subchapter K of Chapter 1 of Sub Title A of the Internal Revenue Code of 1986, as amended. If the income tax laws of the state or states in which the property covered by this Agreement is located contain, or may subsequently contain, a similar election, each of the parties agrees that the election shall be exercised. Beginning with the first taxable year of operations under this Agreement, each party agrees that the deemed election provided by Section 1.761-2(b)(2)(ii) of the Regulations under the Internal Revenue Code of 1986, as amended, will apply; and no party will file an application under Section 1.761-2 (b)(3)(i) and (ii) of the Regulations to revoke the election. Each party agrees to execute the documents and make the filings with the appropriate governmental authorities as may be necessary to effect the election.
INTERNAL REVENUE CODE ELECTION. At its option, following the effective date of the Registration Statement described in Section 5.2.2, SYS may make an election under Section 338(h)(10) of the Internal Revenue Code of 1986, as amended, with regard to the Acquisition. In the event of any such election, SYS agrees that it shall reimburse the RBIS, Ltd. Stockholder for all federal, state and local tax consequences incurred as a result of such election. Such reimbursement shall be made on a “grossed-up” basis taking into account any tax obligations which will be incurred by the RBIS, Ltd. Stockholder on account of receiving such reimbursement. Any such grossed up reimbursement shall be made within 30 days of the determination of all federal, state and local tax consequences which will be incurred by the RBIS, Ltd. Stockholder as a result of such election, shall not exceed $375,000 in amount, and shall be made in the form of restricted shares of SYS Common Stock with a per share value based on the average closing price of SYS Common Stock on its principal trading market over the last ten trading days immediately preceding the issuance of the shares.
INTERNAL REVENUE CODE ELECTION. The Joint Venturers agree and declare that this association for the carrying on of a joint venture business operation does not, and is not intended to create a partnership, for either legal or United States income tax purposes, each Party recognizing that the other is willing and able to contribute capital, labor, and services for the operation of a successful joint venture business. Further, each Party elects under the authority of Section 761(a) of the Internal Revenue Code of 1986 (the "Code"), as amended and all successor statutes, to be excluded from the application of all of the provisions of Subchapter K of Chapter 1 of the Subtitle A of the Code, and the Parties agree that the election out of Subchapter K of Chapter 1 of Subtitle A of the Code shall, if necessary, be manifested by their execution and filing of all appropriate documentation. The Parties also declare that they are not making any agreement to undertake any business other than that set forth in this Agreement; and nothing in this Agreement is to be construed as a limitation of the powers or rights of either Party to carry on his separate business for his sole benefit; provided, however, the Parties shall cooperate with each other according to the terms and spirit of this Agreement in the performance of their joint venture business operation.
INTERNAL REVENUE CODE ELECTION. (a) Each of the Stockholders agrees that, at Buyer's election, such Stockholder will consent to the treatment of this transaction in accordance with Section 338(h)(10) of the Code (the "Election").
INTERNAL REVENUE CODE ELECTION. 9.1 This Operating Agreement is not intended to create, nor shall it be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this Operating Agreement and operations hereunder shall not constitute a partnership, if, for Federal income tax purposes, this Operating Agreement and/or the operations hereunder are regarded as a partnership, each party hereto hereby elects to be excluded from application of all provisions of Subchapter "K" of Chapter 1, Subtitle "A" of the Internal Revenue Code of 1954 as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator is hereby authorized and directed to execute on behalf of CIG such evidence of this election, as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, specifically including, but not by way of limitation, all of the returns, statements, and the data required by Federal Regulations 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute such documents and furnish such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. Neither party shall give any notices or take any other action inconsistent with the election made hereby.
