Common use of Subsequent IRS Review Clause in Contracts

Subsequent IRS Review. In the event the Internal Revenue Service subsequently makes a determination resulting in an Excise Tax and other tax liability in excess of the estimate as determined by Midland's auditors, Consultant shall promptly notify Midland, and Midland shall have the right at its expense, to contest and participate. If any additional Excise Tax and other tax liability is assessed in respect of Consultant by the Internal Revenue Service, such additional Excise Tax and other tax liability, plus any penalties and interest assessed, shall be paid to Consultant by Midland (together with an amount sufficient for all other federal, state and local taxes on the additional Excise Tax and the payments provided for in this Section 16) within 10 days of the date that the Internal Revenue Service makes such an assessment.

Subsequent IRS Review. In the event the Internal Revenue Service subsequently makes a determination resulting in an Excise Tax and other tax liability in excess of the estimate as determined by Midland's auditors, Consultant Conaton shall promptly notify Midland, and Midland shall have the right at its expense, to contest and participate. If any additional Excise Tax and other tax liability is assessed in respect of Consultant Conaton by the Internal Revenue Service, such additional Excise Tax and other tax liability, plus any penalties and interest assessed, shall be paid to Consultant Conaton by Midland (together with an amount sufficient for all other federal, state and local taxes on the additional Excise Tax and the payments provided for in this Section 16) within 10 days of the date that the Internal Revenue Service makes such an assessment.