Separate Taxable Income definition

Separate Taxable Income means, with respect to any Subsidiary for any Fiscal Year, the income, gains, losses, deductions and credits of such Subsidiary for that Fiscal Year calculated as follows: (i) any dividends received by one Member from another Member will be assumed to qualify for the 100% dividends received deduction of Section 243 of the Code or shall otherwise be eliminated from such calculation; (ii) gain or loss on intercompany transactions, whether or not deferred, shall be treated by each Member in the manner required by Treasury Regulations Section 1.1502-13; (iii) limitations on the calculation of a deduction or the utilization of tax credits or the calculation of a tax liability shall be made on a consolidated basis; (iv) net operating losses and credits of a Subsidiary shall be treated as available to such Subsidiary in determining such Subsidiary’s Separate Taxable Income, and shall not be reduced even if such net operating losses or credits are used in determining the consolidated taxable income of the Polypore Group, instead, such net operating losses and credits shall be reduced only if, when and to the extent used in determining the Separate Taxable Income of the Subsidiary; and (v) elections relating to tax credits and tax computations that differ from the consolidated treatment if separate returns were filed shall be made on an annual basis by PHC II.
Sample 1Sample 2Sample 3
Separate Taxable Income means an amount determined with respect to a Member and its subsidiaries in accordance with Section 1.1502-12 of the Regulations with the adjustments contained in Section 1.1552-1(a)(1)(ii) of the Regulations. If the computation of a Member's Separate Taxable Income as provided herein does not result in a positive amount, such Member's Separate Taxable Income shall be deemed to be zero.
Sample 1Sample 2
Separate Taxable Income means for any non-federal jurisdiction, with respect to any UCC Member, the taxable income allocated to such jurisdiction for any taxable year (but in no case less than zero), determined without reference to any carrybacks or carryforwards of any net operating loss, net capital loss, charitable contribution or other item attributable to any other taxable period, as determined on a basis consistent with the manner in which the members of the Dow Group's Separate Taxable Income has been determined.
Sample 1

Examples of Separate Taxable Income in a sentence

  • On or about March 31, 1998, UNOVA shall deliver to Western Atlas an estimate of the UNOVA Group Separate Taxable Income for the period beginning on December 30, 1996 and ending on the last day in which the members of the UNOVA Group are includible in the Western Atlas Consolidated Group (the "1997 Stub Period").

  • Each access person shall report to the Underwriter every transaction in a security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, except purchases and sales specified in Section 3 of this code.

  • Within 30 days after the close of each calendar quarter, CMHC will pay to Holdings an amount equal to the product of CMHC's estimated Separate Taxable Income for the quarter (but not less than 0) multiplied by the highest marginal corporate tax rate provided in section 11 of the Internal Revenue Code of 1986, as amended (or any successor provision).

  • In the event that the Separate Taxable Income or Alternative Minimum Tax Liability of a Subsidiary is adjusted by reason of an amended return, claim for refund, or examination by the Internal Revenue Service, the amount due from such Subsidiary under paragraph I.A. shall be recomputed using the adjusted Separate Taxable Income or Alternative Minimum Tax Liability.

  • For purposes of this Agreement, the Separate Taxable Income of each member of the Consolidated Group shall be determined under Treas.

  • In the event that a Subsidiary's Separate Taxable Income for a taxable year is negative (the "Loss"), the Loss shall be carried back and carried forward to prior and subsequent taxable years in the manner provided under and subject to the limits contained in Section 172(b) of the Code, or any successor provision (as in effect in the year in which the Loss arises).

  • Such loss carrybacks or carryforwards shall reduce, dollar for dollar, such Subsidiary's Separate Taxable Income in the taxable year to which the Loss is carried back or forward.

  • The Separate Tax Liability of SubGroup will be computed pursuant to Section 2.2 by applying the then-appropriate corporate tax rates for its computed Separate Taxable Income and Separate Taxable Gains.

  • In the event that the Separate Taxable Income of any member of the Consolidated Group is adjusted by reason of an amended return, claim for refund, or examination by the Internal Revenue Service, the amount due from CMHC under paragraph I.A. shall be recomputed using the adjusted Separate Taxable Income.

  • For purposes of this Agreement, the Separate Taxable Income of a Subsidiary for a taxable year shall be its taxable income for such year determined as if such Subsidiary were not a member of the Consolidated Group and after applying any loss carryback or carryforward to that year as provided in paragraph I.F.


More Definitions of Separate Taxable Income

Separate Taxable Income of a Subsidiary shall mean the amount of taxable income of the Subsidiary for any period for which the Subsidiary has positive taxable income (including, but not limited to, alternative minimum taxable income), computed on a Hypothetical Basis pursuant to the method of federal income tax accounting employed by each such Subsidiary.
Sample 1
Separate Taxable Income means, with respect to any Member, the positive separate taxable income of such member, if any, for the Consolidated Year determined under Treas. Reg. Section 1.1502-12
Sample 1
Separate Taxable Income for other Members joining in the filing of a Combined Return in such jurisdiction.
Sample 1

Related to Separate Taxable Income

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

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

  • Taxable Allocation means, with respect to any Series, the allocation of any net capital gains or other income taxable for federal income tax purposes to a dividend paid in respect of such Series.

  • Separate Return means (a) in the case of any Tax Return of any member of the SpinCo Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the Parent Group and (b) in the case of any Tax Return of any member of the Parent Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the SpinCo Group.

  • Taxable Period means any taxable year or any other period that is treated as a taxable year (or other period, or portion thereof, in the case of a Tax imposed with respect to such other period, e.g., a quarter) with respect to which any Tax may be imposed under any applicable Law.

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

  • Taxable means either:

  • Distributable Income means, for any period, the net income of Centurion Apartment REIT, including income earned from its proportionate interest under the Rollover Agreement and its applicable consolidated Subsidiaries for such period set out in its consolidated financial statements as determined in accordance with GAAP, subject to certain adjustments, including: (a) adding back the following items: depreciation, amortization (except for amortization of deferred financing costs, future income tax expense, losses on dispositions of assets and amortization of any net discount on long-term debt assumed from vendors of properties at rates of interest less than fair value); and (b) deducting the following items: future income tax credits, interest on convertible debentures to the extent not already deducted in computing net income, gains on dispositions of assets and amortization of any net premium on long- term debt assumed from vendors of properties at rates of interest greater than fair value and any other adjustments determined by the Trustees in their discretion.

  • Taxable Wage Base means the contribution and benefit base in effect under Section 230 of the Social Security Act at the beginning of the Plan Year.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

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

  • REMIC I Interest Loss Allocation Amount With respect to any Distribution Date, an amount equal to (a) the product of (i) the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the REMIC I Remittance Rate for REMIC I Regular Interest I-LTAA minus the Marker Rate, divided by (b) 12.

  • 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.

  • 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.

  • Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.

  • REMIC II Interest Loss Allocation Amount With respect to any Distribution Date, an amount equal to (a) the product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the REMIC II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate, divided by (b) 12.

  • Available Income means the Up-MACRO Available Income or the Down-MACRO Available Income, as applicable.

  • Straddle Tax Period means a Tax period that begins on or before the Closing Date and ends thereafter.

  • Net Termination Loss means, for any taxable year, the sum, if negative, of all items of income, gain, loss or deduction recognized by the Partnership after the Liquidation Date. The items included in the determination of Net Termination Loss shall be determined in accordance with Section 5.5(b) and shall not include any items of income, gain or loss specially allocated under Section 6.1(d).

  • Consolidated Income Tax Expense for any period means the provision for taxes of the Issuer and the Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.