Cumulative Tax definition

Cumulative Tax means cumulative gross tax less cumulative tax credits;

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Cumulative Tax for a Member with respect to a Fiscal Year means the Cumulative Tax for the Member with respect to the applicable Fiscal Year calculated based on an assumed combined tax rate of 45%, unless otherwise determined by the Management Committee, on the taxable income allocated to such Member in respect of such Fiscal Year, taking account of any losses from a prior Fiscal Year. Cumulative Tax with respect to any period preceding the Effective Date is deemed to be zero.

Cumulative Tax for a Member with respect to a period means the Cumulative Tax for the preceding Fiscal Year plus the proportionate amount of the annualized federal, state and local income tax through the end of the period that would be paid by a hypothetical member of the Company that is a corporation organized under the laws of New York with the same Membership Interest as such Member, on the taxable income included in the Profit allocated to such Member pursuant to Section 6.02(a)(iv) for such period and any increase in net taxable income to such Member pursuant to Section 6.03(d) in such period, provided such Fiscal Year ends after Recoupment, as such taxable income is determined by a Super Majority Decision of the Board of Managers, computed by assuming that all such taxable income is allocable solely to New York City, that the corporation pays tax on such amount at the maximum marginal income tax rate in effect for the Fiscal Year (without regard to phase outs, alternative taxes and the like, and without regard to any other tax attribute of the Member), but that such state and local income tax is fully deductible currently for federal income tax purposes, and by taking into account such other assumptions as may be determined by a Super Majority Decision of the Board of Managers which apply to all Members. Cumulative Tax for a period within a Fiscal Year shall be computed based on annualizing the Company's income, gain, loss, deductions and other items from the beginning of the Fiscal Year through, and an interim closing of the books of the Company as of the end of, the third month for the first period, the fifth month for the second period, the eight month for the third period, and the eleventh month for the fourth period. Cumulative Tax shall also be computed with respect to the Fiscal Year based on the income, gain, loss, deductions and other items of the Company for such Fiscal Year. Cumulative Tax with respect to any Fiscal Year or period in which Recoupment occurs is zero.

Examples of Cumulative Tax in a sentence

Not more than 30 days after Cal Dive’s receipt of such statement, Cal Dive shall pay Parent an amount equal to the excess (if any) of Cal Dive’s Allocated Tax Liability, over Cal Dive’s Cumulative Tax Payment.
At least 15 days prior to an applicable Payment Date, Parent shall deliver to Cal Dive a statement setting forth in appropriate detail Parent’s determination of Cal Dive’s Allocated Tax Liability and the amount (if any) of the cumulative net payments made with respect to such Joint Tax prior to the date of such statement by the Cal Dive Group (“Cal Dive’s Cumulative Tax Payment”).
If Cal Dive’s Cumulative Tax Payment is greater than Cal Dive’s Allocated Tax Liability, then Parent shall pay such excess to Cal Dive within 30 days of Parent’s receipt of the corresponding Tax Benefit (i.e., through either a reduction in Parent’s otherwise required Tax payment or a refund of prior Tax payments).
If Controlled’s Cumulative Tax Payment is greater than Controlled’s Allocated Tax Liability, then Distributing shall pay such excess to Controlled within 30 days of Distributing’s receipt of the corresponding Tax Benefit (i.e., through either a reduction in Distributing’s otherwise required Tax payment or a refund of prior Tax payments).
If Distributing’s Cumulative Tax Payment is greater than Distributing’s Allocated Tax Liability, then Controlled shall pay such excess to Distributing within 30 days of Controlled’s receipt of the corresponding Tax Benefit (i.e., through either a reduction in Controlled’s otherwise required Tax payment or a refund of prior Tax payments).
In computing the Cumulative Tax Liability Account of LCI for this purpose, the amount of LCI's federal taxable income or gain allocated or expected to be allocated for any Quarter shall be increased by 25 percent of the increase in LCI's federal taxable income resulting from the applicability of section 163(i) of the Code to the income and deductions allocated, or expected to be allocated (as appropriate) to LCI.
At least 15 days prior to an applicable Payment Date, Distributing shall deliver to Controlled a statement setting forth in appropriate detail Distributing’s determination of Controlled’s Allocated Tax Liability and the amount (if any) of the cumulative net payments made with respect to such Joint Tax prior to the date of such statement by the Controlled Group (“Controlled’s Cumulative Tax Payment”).
At least 15 days prior to an applicable Payment Date, Controlled shall deliver to Distributing a statement setting forth in appropriate detail Controlled’s determination of Distributing’s Allocated Tax Liability and the amount (if any) of the cumulative net payments made with respect to such Joint Tax prior to the date of such statement by the Distributing Group (“Distributing’s Cumulative Tax Payment”).
If Controlled’s Cumulative Tax Payment is greater than Controlled’s Redetermined Allocated Tax Liability, then Distributing shall pay such excess to Controlled within 30 days of Distributing’s receipt of the corresponding Tax Benefit (i.e., through either a reduction in Distributing’s otherwise required Tax payment or a refund of prior Tax payments).
After determining Controlled’s Redetermined Allocated Tax Liability, Distributing shall deliver to Controlled a statement setting forth in appropriate detail Distributing’s determination of Controlled’s Redetermined Allocated Tax Liability and the amount (if any) of Controlled’s Cumulative Tax Payments made with respect to such Joint Tax prior to the date of such statement.

More Definitions of Cumulative Tax

Cumulative Tax for a Member with respect to a Fiscal Year means the Cumulative Tax for the Member with respect to the preceding Fiscal Year plus the federal, state and local income tax that would be paid by a hypothetical individual member of Company, who is a citizen of the United States residing and domiciled in Detroit, Michigan metropolitan area. with the same Interest as the Member, on the taxable income included in Profit allocated to such Member pursuant to Section 5.2 for such Fiscal Year, as determined by the Board, computed by assuming that all such Profit and income is allocable solely to Detroit Michigan, that the individual pays income tax on such amount at the maximum marginal income tax rate in effect for such Period based on the type of income (without regard to phase outs, alternative taxes and the like and without regard to any other tax attribute of the Member), but that such state and local income tax is currently deductible for federal income tax purposes, and by taking into account such other assumptions as may be determined by the Board, which apply to all Members. Cumulative Tax with respect to any period preceding the formation of Company is deemed to be zero.