Non-Taxable Transaction Sample Clauses
A Non-Taxable Transaction clause defines certain transactions as exempt from taxes under applicable law. In practice, this clause specifies which types of sales, transfers, or exchanges are not subject to sales tax, value-added tax, or similar levies, often by referencing relevant statutes or tax codes. Its core function is to clarify the tax treatment of specific transactions, reducing the risk of unexpected tax liabilities and ensuring both parties understand their obligations.
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Non-Taxable Transaction. It is intended that for federal income tax purposes that the Merger shall qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). Following the Closing, AHC and the Shareholder agree to not undertake any action which would cause or result in the Merger not qualifying for such treatment, which actions shall be attached at Closing as Schedule 1.10 (which shall include a two-year holding period on the AHC Common Stock issued to the Shareholder).
Non-Taxable Transaction. Loews and Lorillard intend that the Separation will qualify as a non-taxable transaction under Section 355 of the Code, after which none of Lorillard or its Subsidiaries will be a member of the Loews Consolidated Group.
Non-Taxable Transaction. The parties intend to effect this transaction as a non-taxable reorganization pursuant to Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended.