Cumulative Assumed Tax Liability means, with respect to any Member as of any Fiscal Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of guaranteed payment for services by such Member, the issuance of Membership Interests to such Member of the forfeiture or repurchase of Membership Interests from such Member or another Member) allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years, less the U.S. federal taxable loss allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years, multiplied by (b) the highest applicable U.S. federal, state and local income tax rate applicable to an individual resident in Georgia with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year.
Cumulative Assumed Tax Liability means, with respect to any Member as of any Fiscal Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with (i) the receipt of a guaranteed payment for services by such Member; (ii) the issuance of Units to such Member; or (iii) the forfeiture or repurchase of Units from such Member or another Member) allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years, less the U.S. federal taxable loss allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years (taking into account for purposes of clause (a), any applicable limitations on the deductibility of capital losses and the deductibility of state and local taxes for U.S. federal income tax purposes); multiplied by (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on “net investment income” by Code Section 1411) applicable to an individual, or if higher, a corporation, resident in New York, New York during each applicable Fiscal Year with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year.
Cumulative Assumed Tax Liability means, as of any Fiscal Year, the product of (a) the U.S. federal taxable income, a liquidation event, a qualified public offering, the receipt of a guaranteed payment for services by the Class A Member, the issuance of Units to the Class A Member, or the forfeiture or repurchase of Units from the Class A Member) allocated to the Class A Member in such Fiscal Year and all prior Fiscal Years less the U.S. federal taxable loss allocated the Class A Member in such Fiscal Year and all prior Fiscal Years, multiplied by (b) the highest applicable U.S. federal, state and local income tax rate applicable to an individual resident in New York with respect to the character of U.S. federal taxable income or loss allocated by the Company to the Class A Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year.
Examples of Cumulative Assumed Tax Liability in a sentence
It is understood that Tax Distributions to each Member shall be such Member’s Cumulative Assumed Tax Liability based on each Member’s tax consequences related to such Member’s Percentage Interests in the Company.
More Definitions of Cumulative Assumed Tax Liability
Cumulative Assumed Tax Liability means, with respect to any Member as of any fiscal year, the product of (a) the U.S. federal taxable income (excluding taxable income incurred in connection with (w) any income allocable to the Xxxxx Fargo member as a result of its investment in Class A Units or Class A Preferred Units as described in Section 3.1(b)(ii), (x) an Initial Public Offering, (y) a Liquidation Event or (z) the forfeiture or repurchase of Class B Units from such Member or another Member) allocated by the Company to such Member in such fiscal year and all prior fiscal years, less the U.S. federal taxable loss allocated by the Company to such Member in such fiscal year and all prior fiscal years (taking into account for purposes of clause (a), (i) items determined at the Member level with respect to Oil and Gas Properties owned by the Company, as if such items were allocated at the Company level and (ii) any applicable limitations on the deductibility of capital losses); multiplied by (b) the highest applicable U.S. federal and net effective state and local income tax rate (taking into account the deductibility of state and local income taxes for federal income tax purposes, and including any tax rate imposed on "net investment income" by Code § 1411) applicable to an individual resident in the State of Colorado with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable fiscal year.
Cumulative Assumed Tax Liability means, with respect to any Member as of any Fiscal Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with (i) a Sale Event or a Public Offering; (ii) the receipt of a guaranteed payment for services by such Member; (iii) the issuance of Management Units to such Member; or (iv) the forfeiture or repurchase of Management Units from such Member or another Member) allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years, less the U.S. federal taxable loss allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years; multiplied by (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on “net investment income” by Code Section 1411) applicable to an individual resident in Tulsa, Oklahoma with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year.
Cumulative Assumed Tax Liability means, with respect to any Member as of any Accounting Period, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment for services by such Member or the issuance of an Interest to, or the forfeiture or repurchase of all or a portion of the Interest from such Member or another Member) allocated by the Company to such Member in such Accounting Period and all prior Accounting Periods less the U.S. federal taxable loss allocated by the Company to such Member in such Accounting Period and all prior Accounting Periods (taking into account items attributable to the Company that are determined at the Member level), multiplied by (b) the highest applicable U.S. federal, state and local income tax rate applicable to an individual resident or, if higher, a corporation domiciled and engaged in business, in New York City with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income (including any capital gains re- characterization as ordinary income with respect to a Member), etc.) during each applicable Accounting Period.
Cumulative Assumed Tax Liability means, as of any Fiscal Year, the product of (a) the U.S. federal taxable income, a liquidation event, a qualified public offering, the receipt of a guaranteed payment for services by the Sole Member, the issuance of Units to the Sole Member, or the forfeiture or repurchase of Units from the Sole Member) allocated to the Sole Member in such Fiscal Year and all prior Fiscal Years less the U.S. federal taxable loss allocated the Sole Member in such Fiscal Year and all prior Fiscal Years, multiplied by (b) the highest applicable U.S. federal, state and local income tax rate applicable to an individual resident in New York with respect to the character of U.S. federal taxable income or loss allocated by the Company to the Sole Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year.
Cumulative Assumed Tax Liability means, with respect to any Member as of any Fiscal Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment for services by such Member, but expressly including a guaranteed payment for the use of capital) allocated by the Company to such Member,
Cumulative Assumed Tax Liability shall not take into account any impact of (i) Code Section 199A or (ii) the deductibility of state and local taxes for U.S. federal income tax purposes for so long as such deductions are limited under Code Section 164. When the Cumulative Assumed Tax Liability must be calculated in advance of a Tax Distribution Date, it shall be calculated as of the last day of the most recent fiscal quarter as if such day constituted the end of a taxable year.
Cumulative Assumed Tax Liability means, with respect to any Member as of any Taxable Year, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment for services by such Member) allocated by the Company to such Member in such Taxable Year and all prior Taxable Years, less the U.S. federal taxable loss allocated by the Company to such Member in such Taxable Year and all prior Taxable Years (taking into account for purposes of clause (a), (x) adjustments and allocations under Sections 704(c), 734 and 743 of the Code, (y) items determined at the Member level with respect to Depletable Properties owned by the Company, as if such items were allocated at the Company level, and (z) any applicable limitations on the deductibility of capital losses); multiplied by (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on “net investment income” by Section 1411 of the Code) applicable to an individual or, if higher, a corporation, resident in New York, New York with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Taxable Year; provided that, in the case of the Corporation, such Cumulative Assumed Tax Liability shall in no event be less than an amount that will enable the Corporation to meet its U.S. federal, state and local and non-U.S. tax obligations for the Taxable Year.