Purchase by the surviving spouse Sample Clauses

Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in- terest purchased by B ($50,000 ÷ $200,000) is considered a transfer of an interest with respect to which a deduction is al- lowed under 2056. If the purchase by the surviving spouse is not made before the due date of the decedent’s return, the purchase of the qualified payment in- terest will not be considered a bequest for which a marital deduction is al- lowed unless the executor—
Sample 1
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Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in-
Sample 1

Related to Purchase by the surviving spouse

  • Termination by the State The State or commissioner of Administration may cancel this Professional and Technical Services Master Contract and any Work Authorizations at any time, with or without cause, upon 30 days’ written notice to the Contractor. Upon termination, the Contractor will be entitled to payment, determined on a pro rata basis, for services satisfactorily performed.

  • Termination by the Sellers The Sellers may terminate the Agreement in the event either Purchaser or the Guarantor (if any of the proceedings with respect to the Guarantor in the following clauses (i) through (iv) below would reasonably be expected to impair the ability of either Purchaser to perform its obligations under the Agreement (including Article 8 of the Agreement and this Annex A) fully and on a timely basis) (i) becomes the subject of any bankruptcy or other proceeding relating to its liquidation or insolvency (if not dismissed within sixty (60) days of initial filing), or is the subject of a receivership or conservatorship, (ii) files a voluntary petition in bankruptcy or similar proceeding or admits in writing its inability to pay its debts as they become due, (iii) makes a general assignment for the benefit of creditors, or (iv) files a petition or an answer seeking reorganization or an arrangement with creditors.

  • Termination for Cause by the Company (1) This Agreement and the Term may be terminated “for cause” by the Company pursuant to the provisions of this Subsection 6.A. If the Company determines that “cause” exists for termination of the Executive’s employment, written notice thereof must be given to the Executive describing the state of affairs or facts deemed by the Company to constitute such cause. Unless the Company determines that the conduct constituting cause is not curable, the Executive shall have thirty (30) days after receipt of such notice to cure the reason constituting cause and if the Executive does so to the reasonable satisfaction of the Company, the Term shall not be terminated for the cause specified in the notice. During such thirty (30) day period, the Term shall continue and the Executive shall continue to receive his full Base Salary, expenses and benefits pursuant to this Agreement. If such cause is not cured to the Company’s reasonable satisfaction within such thirty (30) day period, the Executive may then be immediately terminated by the Company. For purposes of this Agreement, the words “for cause” or “cause” means (i) dishonest statements or acts of the Executive with respect to the Company or any subsidiary or other affiliate of the Company; (ii) the commission by or indictment of the Executive for (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud (indictment, for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable or reasonable cause with respect to such offense is made); or (iii) gross negligence, willful misconduct or insubordination of the Executive with respect to the Company or any subsidiary or other affiliate of the Company.

  • Clean-Up Terminations by the Sellers (a) The Sellers shall have the right to elect to terminate this Agreement in the event that the remaining Serviced Appointments have generated LTM Fee Revenue that is less than 5% of the aggregate fee revenue generated by all Appointments that are Serviced Appointments as of January 1, 2024 in the twelve-month period prior to January 1, 2024.

  • Termination by the Corporation The Corporation may terminate Executive’s employment during the Term:

  • For Cause by the Company The Company may terminate Executive’s employment for “Cause” at any time prior to the expiration of the Term effective immediately upon delivery of written notice to Executive. For purposes of this Agreement, “Cause” shall mean:

  • Termination by the Company This Agreement may be terminated by the Company at any time prior to the Effective Time:

  • Deliveries by the Seller At the Closing, the Seller shall deliver, or cause to be delivered, to the Buyer the following:

  • Termination Without Cause by the Company In furtherance of the “at will” basis of Executive’s employment by the Company, the Company may terminate Executive’s employment without Cause upon written notice to Executive. Executive’s termination without Cause will be effective on the date of termination specified by the Company in such written notice. Such written notice shall be deemed received, if mailed first class through the U. S. Postal System, three (3) business days after mailing such written notice to Executive.

  • Acknowledgments by the Employee The Employee acknowledges that (a) during the Employment Period and as a part of his employment, the Employee will be afforded access to Confidential Information; (b) public disclosure of such Confidential Information could have an adverse effect on the Employer and its business; (c) since the Employee possesses substantial expertise and skill with respect to the Employer's business, the Employer desires to obtain exclusive ownership of each Employee Invention, and the Employer will be at a substantial competitive disadvantage if it fails to acquire exclusive ownership of each Employee Invention; (d) the Compensation provided to Employee hereunder constitutes good and sufficient consideration for the Employee's agreements and covenants in this Section 7; and (e) the provisions of this Section 7 are reasonable and necessary to prevent the improper use or disclosure of Confidential Information and to provide the Employer with exclusive ownership of all Employee Inventions.

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