Minimum Tax Credit Sample Clauses

Minimum Tax Credit. Y is a C cor- poration that elects to become an S corpora- tion effective January 1, 1996. On that date, Asset#1 has a fair market value of $5,000,000, a basis for regular tax purposes of $4,000,000, and a basis for alternative minimum tax pur- poses of $4,750,000. Y also has a minimum tax credit of $310,000 from 1995. Y has no other assets, no net operating or capital loss carryforwards, and no business credit carryforwards. In 1996, Y’s only transaction is the sale of Asset #1 for $5,000,000. There- fore, Y has net recognized built-in gain in 1996 of $1,000,000 ($5,000,000¥$4,000,000=$1,000,000) and a ten- tative tax under paragraph (a)(3) of § 1.1374–1 of $350,000 ($1,000,000×.35=$350,000, assuming a 35 percent tax rate). Also, Y’s tentative min- imum tax determined under paragraph (b) of this section is $47,000 [$5,000,000¥$4,750,000=$250,000¥$15,000 ($40,000 corporate exemption amount ¥$25,000 phase- out = $15,000) = $235,000×.20 = $47,000, assum- ing a 20 percent tax rate]. Thus, Y may use its minimum tax credit in the amount of $303,000 ($350,000¥$47,000=$303,000) to offset its section 1374 tentative tax. As a result, Y’s section 1374 tax is $47,000 ($350,000¥$303,000=$47,000) in 1996 and Y has a minimum tax credit attributable to years for which Y was a C corporation of $7,000 ($310,000¥$303,000=$7,000). [T.D. 8579, 59 FR 66469, Dec. 27, 1994]
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Minimum Tax Credit. The minimum tax credit, in a year of consolidated credit utilization, shall be tentatively allocated among the companies participating in the consolidated return in an amount equal to the lesser of (1) each company's separate minimum
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Minimum Tax Credit. The minimum tax credit, in a year of consolidated credit utilization, shall be tentatively allocated among the companies participating in the consolidated return in an amount equal to the lesser of (1) each company's separate minimum tax credit carryforward or (2) the excess of its allocated regular tax over its separate AMT. If the total of such tentative minimum tax allocations exceeds the available consolidated credit for the taxable year, then the minimum tax credit allocation is made in proportion to the separate company positive excess amount to the combined total of all such amounts. If the tentative allocation is less than the consolidated minimum tax credit utilized, the difference between the consolidated credit utilization and the total of the tentative allocations shall be allocated to those companies in proportion to each company's remaining minimum tax credit carryforward to the combined total of such carryforwards. The total minimum tax credit utilized for a tax year will equal the sum of the amounts allocated in the two step computation. 3.
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Minimum Tax Credit 
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Related to Minimum Tax Credit

  • Tax Credit If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

  • Minimum Net Income The Borrower will maintain, during each period described below, its Net Income, determined as at the end of each quarter, at an amount not less than the amount set forth opposite such period (numbers appearing between “( )” are negative): Period Minimum Net Income Six months ending June 30, 2002 ($1,049,000) Nine months ending Sept. 30, 2002 ($665,000) Twelve months ending Dec. 31, 2002 ($600,000) "

  • FOREIGN TAX CREDITS AVIF agrees to consult in advance with LIFE COMPANY concerning any decision to elect or not to elect pursuant to Section 853 of the Code to pass through the benefit of any foreign tax credits to its shareholders.

  • Tax Credits A Creditor Party which receives for its own account a repayment or credit in respect of tax on account of which the Borrowers have made an increased payment under Clause 23.2 shall pay to the Borrowers a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrowers in respect of which the Borrowers made the increased payment, provided that:

  • Minimum Revenue Borrower and its Subsidiaries shall have annual Revenue from sales of the Product (for each respective calendar year, the “Minimum Required Revenue”):

  • Credit Union Deductions The Employer agrees to honor Credit Union deduction requests for members who have properly signed and executed the payroll deduction form. Such deduction shall remain in effect until the Employer is properly notified in writing by the employee of any change.

  • Maximum Total Payment Including the reimbursable expenses shown above (if any), the maximum total payment under this Contract is $ ; this is a not-to-exceed amount, and the District will not pay more than this amount unless specifically agreed to in an amendment executed by the parties.

  • Union Deductions All employees who are covered by the certification with the Union shall, as a condition of continuing employment, authorize a deduction from their pay cheques of the amount of the dues, levies and assessments payable to the Union by a member of the Union. The Employer shall provide a copy of the authorization form, which has been forwarded by the Union, to each new employee. Upon receipt of written notice from the Union, the Employer shall terminate the services of any employee who does not authorize the deduction as above. The Employer agrees to deduct the amount of the Union dues, levies and assessments payable to the Union by an employee in the Union’s bargaining unit. The Union shall inform the Employer in writing of the amount to be deducted from each employee. The Union shall advise the Employer in writing sixty (60) calendar days in advance of any change in the amount to be deducted. The Employer shall remit such dues, levies and assessments to the Union within twenty-eight (28) calendar days from the date of deduction, together with a written statement containing the names of the employees for whom the deductions were made and the amount of each deduction. The Employer shall supply each employee, without charge, a receipt for income tax purposes shown on the T4 slip in the amount of the deductions paid to the Union by the employee in the previous year. Such receipts shall be provided to the employee prior to March 1 of the succeeding year. Deductions for levies and assessments shall be a percentage of wages.

  • Treatment of Unallowable Costs Previously Submitted for Payment The Debtors further agree that within 90 days of the Effective Date of this Agreement they shall identify to applicable Medicare and TRICARE fiscal intermediaries, carriers, and/or contractors, and Medicaid and FEHBP fiscal agents, any Unallowable Costs (as defined in this Paragraph) included in payments previously sought from the United States, or any State Medicaid program, including, but not limited to, payments sought in any cost reports, cost statements, information reports, or payment requests already submitted by the Debtors or any of their current subsidiaries or affiliates, and shall request, and agree, that such cost reports, cost statements, information reports, or payment requests, even if already settled, be adjusted to account for the effect of the inclusion of the Unallowable Costs. The Debtors agree that the United States, at a minimum, shall be entitled to recoup from the Debtors any overpayment plus applicable interest and penalties as a result of the inclusion of such Unallowable Costs on previously-submitted cost reports, information reports, cost statements, or requests for payment. Any payments due after the adjustments have been made shall be paid to the United States pursuant to the direction of the Department of Justice and/or the affected agencies. The United States reserves its rights to disagree with any calculations submitted by the Debtors or any of their current subsidiaries or affiliates on the effect of inclusion of Unallowable Costs (as defined in this Paragraph) on the Debtors or any of their current subsidiaries or affiliates’ cost reports, cost statements, or information reports.

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

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