Lova Allocable Portion definition

Lova Allocable Portion means, with respect to any Tax paid after the Distribution Date or any Adjustments to Tax after the Distribution Date relating to a Mixed Business Tax Return, the amount of such Tax attributable to Lova, any AppLogiq Entity, or the AppLogiq Business, as determined taking into account historical practice (including historical methodologies for making corporate allocations), the Code, Treasury Regulations, and any applicable state, local or foreign law. For purposes of determining the Lova Allocable Portion of any Tax related to a Pre-Closing Period or Straddle Period for which no Tax Return has been filed, the amount of the Lova Allocable Portion will be determined after subtracting the amount of the Tax (whether positive, or if a loss, negative) attributable to Lova, any AppLogiq Entity, or the AppLogiq Business as agreed to by the Parties with respect to the portion of the Tax year ending on December 31, 2021.
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Examples of Lova Allocable Portion in a sentence

  • Lova shall pay to Logiq no later than five days prior to the Due Date of each such Tax Return the Lova Allocable Portion of Taxes shown as due and payable on such Mixed Business Tax Return (net of any prepayment made against such amount).

  • In connection with the preparation of any Mixed Business Tax Return, Lova will assist and cooperate with Logiq with respect to Logiq’s preparation of any such Mixed Business Tax Return, including assisting Logiq in the preparation of a pro forma Tax Return for Lova and any AppLogiq Entity to be used in determining the Lova Allocable Portion with respect to such Mixed Business Tax Return.

  • Subject to the preceding sentence, no later than 15 days after receipt of such Mixed Business Tax Returns (and related documents), Lova shall have a right to object to such Mixed Business Tax Return (or items with respect thereto, including the Lova Allocable Portion with respect to such Mixed Business Tax Return) by written notice to Logiq; such written notice shall contain such disputed item (or items) and the basis for its objection.