Benefit Items definition
Examples of Benefit Items in a sentence
With respect to Post-Closing Tax Periods, the SHO Companies shall pay to Sears Holdings, or Sears Holdings shall pay to the SHO Companies (in the case of a State Combined or Consolidated Return filed by an SHO Company, or in the case of payments with respect to Tax Benefit Items pursuant to section 4.02(d)), at the times provided by section 4.03, the amounts determined under section 4.02.
For purposes of this section 4.02(c), the SHO Companies’ allocated Tax shall not be reduced by the SHO Companies’ carrybacks and carryovers of state or local Tax Benefit Items from other taxable periods (such items being addressed by section 4.02(d)).
For the avoidance of doubt, the Employee cannot cease their Salary Packaging Agreements with one Supplier and commence Salary Packaging Agreements (whether in relation to the same or different Benefit Items) with a different Supplier outside of the approved transition periods.
Such balance must be utilised for Benefit Items or be returned to payroll as soon as practicable by the Trustee thereafter such event on the basis that an equivalent sum will be paid by the Employer as salary and taxed accordingly.
For the avoidance of doubt, if the SHO Companies are required to carry back a federal Tax Benefit Item, such federal Tax Benefit Item shall reduce the Consolidated Group’s federal income Tax liability only after all federal Tax Benefit Items of Sears Holdings have been applied to reduce the Consolidated Group’s federal income Tax liability in such taxable period.
For the avoidance of doubt, if the SpinCo Entities are required to carry back a federal Tax Benefit Item, such federal Tax Benefit Item shall reduce the Consolidated Group’s federal income Tax liability only after all federal Tax Benefit Items of Parent have been applied to reduce the Consolidated Group’s federal income Tax liability in such taxable period.
For the avoidance of doubt, if the SpinCo Entities are required to carry back a Tax Benefit Item, such Tax Benefit Item shall reduce the Consolidated Group’s Income Tax liability only after all Tax Benefit Items of Parent have been applied to reduce the Consolidated Group’s Income Tax liability in such taxable period.
Unless and until there has been a Final Determination to the contrary, each Party agrees not to take any position on any Tax Return, in connection with any Tax Contest or otherwise that is inconsistent with (a) the allocation of Taxes and Benefit Items between the ASD Group and the WABCO Group as set forth in this Agreement, (b) the Ruling, (c) the Tax Opinion, or (d) the Tax treatment of any transaction included in the Reorganization agreed upon by the parties.
CEC shall pay to the CIE Companies in accordance with Section 3.04 of this Agreement, the amount, if any, by which one or more federal Tax Benefit Items reduced the federal income Tax liability of the CEC Consolidated Group for any taxable period for which a Consolidated Return is filed by CEC after the date of this Agreement.
If BAMSI's Tax Benefit Items cannot be carried back on a separate return basis, but are utilized in the Consolidated/Combined Returns, BAMSI will receive a tax payment equal to the reduction of the Consolidated/Combined tax liability relating to the utilization of BAMSI's Tax Benefit Items.