S Year definition

S Year means the taxable period or periods prior to the Closing Date when Dollar Express was taxable for federal income tax purposes as an S corporation.
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Examples of S Year in a sentence

  • Within ten (10) days after such notice, LVCI shall pay the Shareholders the excess of 40% of the actual net taxable income for the Short S Year over the amount of the S Distribution.

  • As soon as practicable after the Company's federal income tax return for the Short S Year has been prepared and filed, LVCI shall notify the Shareholders of the actual amount of net taxable income shown on such return.

  • For purposes of this Agreement, the term "Fiscal Year 2001 S Corporation Tax Liability" means the highest marginal federal income Tax rate applicable to any Principal Shareholder multiplied by the Company's S Corporation Earnings for the Short S Year, as that term is defined in Section 12.11(h).

  • The parties agree that income Tax items shall be allocated to the Short S Year and the Short C Year pursuant to the “closing of the books” method under the Code.

  • Immediately prior to Closing, the Company will distribute to the Shareholders in accordance with their proportionate ownership interests in the Company, an amount equal to 40% of the estimated net taxable income of the Company for the Short S Year ending on the Closing Date (the "S Distribution").

  • Description of Motor Vehicle The Seller hereby sells, transfers, and conveys unto the Buyer, the following motor vehicle: Make: Tesla Model: Model S Year: 2048 Vehicle Identification Number (VIN): ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Registration Number: XYZ123 Color: Midnight Silver Metallic II.

  • For purposes of this 34 35 subsection, the term "Maximum Permissible Dividend Rate" --------------------------------- means a dividend rate determined as follows: The Company shall determine the net increase in federal income tax and state adjusted gross income tax liabilities of each of its shareholders for the S Year on account of items of income, loss, or credit of the Company attributable to the respective shareholders for federal income tax and state adjusted gross income tax purposes.

  • The Excluded Assets Tax Liability shall equal the excess of (i) the Company's aggregate liability for Taxes for its short taxable year which ends on or immediately prior to the Closing Date (the "Closing Period Subchapter S Year"), over (ii) the aggregate amount of liability for Taxes to which the Company would have been subject for the Closing Period Subchapter S Year had the Company not Transferred any Excluded Assets during that period.

  • Immediately prior to Closing, the Company will distribute to the Shareholders in accordance with their proportionate ownership interests in the Company, an amount equal to 40% of the estimated net taxable income of the Company for the Short S Year ending on the Closing Date (the "S Distribution") and a good faith estimate of the difference between the anticipated Shareholders' equity as of the Closing Date and $1,070,000 (the "Excess Equity Distribution").