Income Tax Reserve definition

Income Tax Reserve means the reserve or reserves for Income Tax Liabilities (excluding any (i) provision for deferred Income Taxes established to reflect timing differences between book and Tax Income and (ii) general reserves) set forth in the March 29, 2002 balance sheet (other than in any notes thereto) as adjusted for any amount properly accrued for effects on Income Tax Liabilities for income earned, losses incurred and Taxes paid in the ordinary course of business from March 29, 2002 through the Closing Date, which accrual shall be adjusted in accordance with the past custom and practice of the Company and its Subsidiaries in filing their Tax Returns for income earned, losses incurred and Taxes paid in the ordinary course of business during such period. Such reserves and any adjustment thereto for the fiscal year ending June 29, 2002 shall not include any reserve for liability based directly or indirectly on any impact of the Non-Cash Goodwill Impairment Charge.
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Income Tax Reserve means a reserve for the accrued and unpaid Income Taxes of the Company and its Subsidiaries, including the estimated impact of Transaction Tax Deductions to the extent that such deductions can be claimed as a current deduction in the Pre-Closing Taxable Period in which the Closing occurs (but excluding the impact of such deductionsto the extent realized through a carryback of net operating losses or other tax attributes). In no event shall the Income Tax Reserve be less than $0.
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Examples of Income Tax Reserve in a sentence

  • No improvements may be removed during the time which the contract is in default.

  • Local Income Tax Reserve Account The local income tax reserve account is used by the Comptroller’s Office to manage the cash flow of personal income tax payments and distributions to local governments.

  • The portion of the bond proceeds authorized by this Section to pay income tax refunds shall be transferred immediately after receipt thereof by the bond trustee into the Income Tax Reserve Fund and shall be considered separate and apart from any required deposits in Title 11, Guam Code Annotated, Chapters 50 and 51, and shall not be credited toward any required deposits in Title 11, Guam Code Annotated, Chapters 50 and 51.

  • IRS Reg § 1.168(i)-3, Treatment of Excess Deferred Income Tax Reserve Upon Disposition of Deregulated Public Utility Property.

  • In addition, the Accumulated provision for Depreciation in FERC account 108 and Accumulated Deferred Income Tax Reserve in FERC account 282 will be debited to eliminate the balances associated with the Goose Creek Line.

  • The Bidders shall be responsible to get fully acquainted with the laws, rules, tax regulations including Income Tax, Reserve Bank of India’s regulations etc., prevalent in India which may affect the execution of Agreement covered under these Bidding Documents.

  • A team of individuals knowledgeable about thestudent (including the parent) reviews the nature of the student’s disability to determine whether and how thedisability affects the student’s education, and determine the accommodations and/or services that are required.

  • Income Tax Reserve The income tax reserve is established due to the fact that the date of preparing the financial statements precedes the date at which the tax liability is determined.

  • Source: Board of Revenue Estimates Sales Tax – Blueprint FundBaseline TransferCatch Up for Underdistribution in Fiscal 2021Total Fiscal 2022 Transfer $583$563-$218849-38$671$612-$59(1) The December estimate reflects an extra distribution of $50 million in fiscal 2022 to the Local Income Tax Reserve Account.

  • The funds deposited in the Trust Fund by the Director of Administration shall immediately be transferred to the Income Tax Reserve Fund upon the written request of the Tax Commissioner for payments made pursuant to § 50105 of Chapter 50, Division 2 of Title 11 of the Guam Code Annotated.

Related to Income Tax Reserve

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

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal franchise or income taxes paid or due to be paid during such period.

  • 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 Returns mean all Tax Returns that relate to Income Taxes.

  • Consolidated Income Tax Expense means, for any period, all provisions for taxes based on the gross or net income of Borrower (including, without limitation, any additions to such taxes, and any penalties and interest with respect thereto), and all franchise taxes of Borrower, as determined on a Consolidated basis and in accordance with GAAP.

  • Income Tax means any federal, state, local or foreign Tax (a) based upon, measured by or calculated with respect to net income, profits or receipts (including, without limitation, capital gains Taxes and minimum Taxes) or (b) based upon, measured by or calculated with respect to multiple bases (including, without limitation, corporate franchise taxes) if one or more of the bases on which such Tax may be based, measured by or calculated with respect to, is described in clause (a), in each case together with any interest, penalties, or additions to such Tax.

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

  • 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.

  • 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.

  • 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 Taxes means any taxes measured, in whole or in part, by net or gross income or profits together with any interest, penalties or additions to tax.

  • 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.

  • Consolidated Income Taxes means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority.

  • Book-Tax Disparities means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner's share of the Partnership's Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner's Capital Account balance as maintained pursuant to Exhibit B and the hypothetical balance of such Partner's Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles.

  • Tax or “Taxes” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Governmental Entity.

  • 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.

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Tax Revenue means, with respect to the Project Area, (a) those tax revenues referred to (1) in the last sentence of the first paragraph of Article VIII, Section 12 of the Constitution of the State and (2) in Section 18-2147, Reissue Revised Statutes of Nebraska, as amended, and (b) all payments made in lieu thereof.

  • 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.

  • Book-Tax Disparity means with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Section 5.5 and the hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles.

  • 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.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest.

  • State Income Tax means any Tax imposed by any State of the United States (or by any political subdivision of any such State) or the District of Columbia, or any city or municipality located therein, which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.