Examples of Accumulated Adjustments Account in a sentence
Employee shall also be paid his allocable share, as a shareholder of the Employer, of any positive balance of the Accumulated Adjustments Account ("AAA" account for S Corporation purposes) - i.e., his allocable share of any amounts taxable to S Corporation shareholders, but not fully distributed to such shareholders -- within 60 days after the end of the fiscal year in which the Employee's employment was terminated.
Such distribution shall take the form of the assignment of accounts receivable of the Company as of the Termination Date, plus an amount of cash which, when combined with the amount of the accounts receivable to be distributed, equals the Accumulated Adjustments Account.
Immediately prior to the ------------------------------------ Termination Date, the Company shall distribute to the Shareholders (pro rata in accordance with the relative number of shares of stock of the Company held by each Shareholder) an amount equal to the Accumulated Adjustments Account of the Company calculated as of the Termination Date, including the S Corporation Taxable Income for the S Short Year ending on the Termination Date.
Immediately prior to the ------------------------------------ Termination Date, the Company shall distribute to the Stockholders (pro rata in accordance with the relative number of shares of stock of the Company held by each Stockholder as of the Termination Date) an amount equal to the "Accumulated Adjustments Account" of the Company as of the Termination Date.
The Agreement provided for such distributions, however, based upon the Accumulated Adjustments Account, which is a term utilized in connection with the preparation of the federal income tax return for the Company.
Prior to the Effective Time of the Merger, the Company shall distribute to the Shareholders an aggregate amount equal to $100,100, which amount constitutes the Company's Accumulated Adjustments Account as defined in Section 1368(e) of the Code.
CA and the Suechtings shall have entered into the Agreement for Distribution of Accumulated Adjustments Account and Tax Indemnification pursuant to which the Board of Directors of TNT-CA shall have declared a dividend to the TNT-CA shareholders of record as of a date prior to the Closing Date in the aggregate amount of $6,400,000.
For purposes of this Section 2.2, the term "Accumulated Adjustments Account" shall have the meaning set forth in Section 1368(e) of the Code as determined by the Chief Financial Officer of the Company in accordance with the Company's books and records and without regard to any future adjustments to the Company's taxable income as described in Section 2.3.
In regard to the Accumulated Adjustments Account estimated amount of $35 million at December 31, 2020, please revise to disclose the types of taxes previously paid and indicate how these earnings will be impacted by the conversion to a C Corporation.
Employee shall also be paid his allocable share, as a shareholder of the Employer, of any positive balance of the Accumulated Adjustments Account ("AAA" account for S Corporation purposes) - i.