Treatment of Income. Notwithstanding anything to the contrary contained herein, the parties hereto agree and acknowledge that, for federal, state, and local income tax purposes, the Purchaser shall be treated as the owner of the Escrow Funds, unless and until released pursuant to Sections 3 or 4 hereof and all items of interest, income and gain with respect to the Escrow Account (the “Income”) will be taxable to the Purchaser. The Escrow Agent will be responsible for reporting to the Purchaser and any applicable taxing authority all such items of Income as required under applicable Law (provided that the Purchaser provides to the Escrow Agent all forms and information necessary to accomplish such reporting as requested by the Escrow Agent).
Treatment of Income. 18.1 The Manager shall, on receipt thereof, pay the following moneys to the Trustee in cash or deposit such moneys into an account controlled by the Trustee at a bank licensed under the Banks and Financial Institutions Act, 2006:
Treatment of Income. AOPP and the OP shall use their best efforts to ------------------- undertake activities and earn income so as to avoid having any portion of the dividends on AOPP shares payable to Acquiport Two treated as taxable income from an unrelated trade or business pursuant to Section 856(h)(3)(C) of the Internal Revenue Code of 1986, as amended (the "Code"), provided that this obligation will cease on the earlier of (a) the date after the Closing on which AOPP ceases to be "predominantly held by qualified trusts" within the meaning of Section 856(h)(3)(D)(ii) of the Code, (b) the date on which Acquiport Two ceases to own more than 10% by value of the outstanding shares in AOPP, or (c) counsel to AOPP provides to Acquiport Two an opinion reasonably acceptable to Acquiport Two that neither Acquiport Two nor any component of CRF is or would be treated as a qualified trust, within the meaning of Section 856(h)(3)(E) of the Code, holding more than 10% (by value) of the interests in a pension held REIT, within the meaning of Section 856(h)(3)(C) of the Code, by virtue of Acquiport Two's direct and CRF's indirect ownership interests in AOPP, PSBP or any other Resulting Entity. The determinations in clauses (a) and (b) shall be made by treating all OP Units owned directly or indirectly by Acquiport Two or CRF as ownership of the number of shares of common stock in AOPP, PSBP or any other Resulting Entity that would be issued upon the conversion of such OP Units to such stock. The determinations in clauses (a) and (b) shall be made by treating CRF and Acquiport Two as a single qualified trust within the meaning of Section 856(h)(3)(E) of the Code unless counsel to AOPP provides Acquiport Two and CRF an opinion reasonably acceptable to Acquiport Two and CRF that CRF is not a single qualified trust, in which case the determinations in clauses (a) and (b) shall be made by treating CRF and Acquiport Two as consisting of two (2) such qualified trusts, each holding such interest as such counsel's opinion indicates would be the case for purposes of Section 856(h)(3)(D)(ii) of the Code.
Treatment of Income. Notwithstanding anything to the contrary contained herein, the parties hereto agree and acknowledge that, for federal, state, and local income tax purposes, PubCo will be treated as the owner of the Escrow Fund, unless and until released pursuant to Sections 4 or 5 hereof and all items of interest, income and gain with respect to the Escrow Account (the “Income”) will be taxable to PubCo. The parties hereto shall file all Tax Returns consistently with the preceding sentence. The Escrow Agent will be responsible for reporting to PubCo and any applicable taxing authority all such items of Income as required under applicable Law (provided that PubCo provides to the Escrow Agent all forms and information necessary to accomplish such reporting as requested by the Escrow Agent).
Treatment of Income
