OWNERSHIP FOR TAX PURPOSES. Seller agrees that, for purposes of federal and other taxes based on income, Seller will be treated as the owner of the Escrow Fund and that Seller will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. Shareholders agree that, for purposes of federal and other taxes based on income, Each Shareholder will be treated as the owner of an equal percentage of the Escrow Fund, respectively, and each Shareholder will report all income, if any, that is eamed on, or derived from, the Escrow Fund as their income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. The Owner Trust will not take any -------------------------- position inconsistent with its ownership of the Vessel Interest for U.S. federal, state, or local income tax purposes.
OWNERSHIP FOR TAX PURPOSES. Each of Purchaser and Sellers agree that, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers shall be treated as the owners of the Escrow Corpus and that Sellers shall report the income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus as income, if any, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. GRANT OF SECURITY INTEREST; USURY SAVINGS:
OWNERSHIP FOR TAX PURPOSES. The parties agree that, for purposes of federal and other taxes based on income, Seller will be treated as the owner of the Escrow Fund, and that Seller will report all income, if any, that is earned on, or derived from, the Escrow Fund as his income, in the taxable year or years in which such income is properly includible, and will pay any taxes attributable thereto. Escrow Agent shall prepare 1099-Int for all interest earnings.
OWNERSHIP FOR TAX PURPOSES. The Principal Stockholders and the Purchasers agree that, for purposes of any Taxes based on income, the Principal Stockholders shall be treated as the owner of the Escrow Amount, and that the Principal Stockholders will report all income, if any, that is earned on, or derived from, the Escrow Amount as income in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. The Parties agree that, for purposes of federal, state and other taxes based on income, the GCSI Stockholders will be treated as the owner of the Escrow Fund, and that the GCSI Stockholders will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. For purposes of federal and other taxes based on income, Limited Partner will be deemed to own the Escrow Fund.
OWNERSHIP FOR TAX PURPOSES. Each NTS Seller will be treated as the owner of its respective portion of the Escrow Fund, and each NTS Seller will report all income, if any, that is earned on, or derived from, each NTS Seller’s portion of the Escrow Fund as their income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
