Income Tax Accrual definition

Income Tax Accrual means the amount of federal, state, local, and foreign Taxes imposed on or measured, in part or in whole, by income of the Company that are attributable to the conduct of business of the Company through the Effective Time of Closing, as determined on a consolidated basis in accordance with GAAP.
Sample 1
Income Tax Accrual means the income Tax liability of the Company and its Subsidiaries as of the close of business on the Closing Date determined in accordance with GAAP without giving effect to the transactions contemplated by this Agreement; provided, that for the avoidance of doubt the income Tax liability shall not take into account any deductions attributable to the Transaction Tax Deductions.
Sample 1

Examples of Income Tax Accrual in a sentence

  • If Buyer raises an objection to the Income Tax Accrual Amount, Buyer and the Company shall negotiate in good faith to resolve all objections prior to the Closing.

  • If Line 16 exceeds $5,500, use 0.9231 x Line 15.# Since Federal Income Tax Accrual (Line 18) is greater than $30,000, no deduction from the Operational Cash Requirement (Line 10) is made.

  • The Closing Statement shall be revised, if necessary, to reflect the final determination of the Net Working Capital, the Closing Cash, the Closing Debt, the Closing Transaction Expenses, and the Closing Income Tax Accrual (the final form of the Closing Statement, including any revisions which are made thereto pursuant to this Section 2.8(d), is referred to herein as the “Final Closing Statement” and the Adjustment Amount as set forth in the Final Closing Statement, the “Final Adjustment Amount”).

  • The Shareholder Representative agrees that the only valid basis for a Notice of Disagreement will be that either (A) a disputed item was not calculated in accordance with, as applicable, the Net Working Capital Principles, the definitions of Current Assets, Current Liabilities, Net Working Capital, Closing Cash, Closing Debt, Closing Transaction Expenses, and the Closing Income Tax Accrual or the other terms of this Agreement, or (B) the Closing Statement contains a mathematical or clerical error.

  • The parties further agree and acknowledge that Buyer and the Sellers’ Representative shall determine the portion of the June Tax Accruals that should have been characterized as the June Deferred Income Tax Accrual as of June 30, 2005.

  • For the avoidance of doubt, (A) the Income Tax Accrual Amount may be furtheradjusted in the determination of Closing Date Net Working Capital pursuant to S ection 3.4 and (B) nothing in this S ection 8.5(k) shall affect or limit in any way the rights and obligations of the Parties pursuant to either S ection 8.5(a) or A rticle XII.

  • Each respondent to a solicitation who has not submitted such an affirmation prior to submitting a proposal, must submit such a written affirmation with its proposal.

  • Morgan Stanley & Co. Incorporated shall act as representative (the "REXXXXXXTXXXXX") of the several International Underwriters.

  • For the avoidance of doubt, (A) the Income Tax Accrual Amount may be further adjusted in the determination of Closing Date Net Working Capital pursuant to Section 3.4 and (B) nothing in this Section 8.5(k) shall affect or limit in any way the rights and obligations of the Parties pursuant to either Section 8.5(a) or Article XII.

  • The Shareholder Representative will review the Closing Statement to confirm the accuracy of the Closing Statement and of Parent’s calculation of (i) the Net Working Capital, (ii) the Closing Cash, (iii) the Closing Debt, (iv) the Closing Transaction Expenses, and (v) the Closing Income Tax Accrual.

Related to Income Tax Accrual

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal income taxes (including without limitation Texas franchise taxes) paid or due to be paid during such period.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Pre-Tax Contributions means, for any Participant, the aggregate of the Participant's Basic Pre-Tax Contributions and Supplemental Pre-Tax Contributions contributed to the applicable Pre-Tax Contribution Account.

  • Income Tax Act means the Income Tax Act, 1962 (Act No. 58 of 1962);

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Non-Income Tax means any Tax other than an Income Tax.

  • Tax Items shall have the meaning set forth in Section 6.4.A.

  • Consolidated Income Tax Expense means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.

  • After-Tax Account means a Participant’s account to which are credited After-Tax Contributions, if any, and earnings and losses thereon.

  • After-Tax Contributions means amounts withheld from an Employee's Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • State Income Tax means any Tax imposed by any State of the United States or by any political subdivision of any such State which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Taxable income means, in the case of an individual, federal adjusted gross income determined without regard to 26 U.S.C. § 168(k) and:

  • Pre-Distribution Tax Period means any taxable period (or portion thereof) that ends on or before the Distribution Date.

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Post-Distribution Tax Period means a Tax year beginning and ending after the Distribution Date.