Tax Liability Account definition

Tax Liability Account means a memorandum account maintained by Holdings for each of its members. The initial balance of the Tax Liability Account for each such member is zero. At the end of each Fiscal Year, the Tax Liability Account is increased by the amount of the Assumed Tax Liability of such member for such year and decreased in the amount of the Assumed Tax Benefit of such member for the year. The Tax liability Account will also be decreased by any Tax Distributions to such member.
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Tax Liability Account means a memorandum account maintained by the Company with respect to each Borrower. The initial balance of the Tax Liability Account is zero. At the end of each fiscal year, the Tax Liability Account must be increased in the amount of the Assumed Tax Liability of the Borrower for such year and must be decreased in the amount of the Assumed Tax Benefit of such Borrower for the year. The Tax Liability Account will also be decreased by any Tax Distributions to the Borrower.
Sample 1
Tax Liability Account means a memorandum account maintained by a Loan Party for each of its Holders. The initial balance of the Tax Liability Account for each Holder of the Loan Party is zero. At the end of each fiscal year, the Tax Liability Account is increased in the amount of the tax liability of the Holder of such Loan Party for such year and decreased in the amount of the tax benefit of such Holder for the year, in each case in respect of Holder’s ownership interest of a Loan Party. The Tax Liability Account will also be decreased by any Tax Distributions to the Holder of the Loan Party.
Sample 1

Examples of Tax Liability Account in a sentence

  • A B Page 278, Columns d + eChange in FAS109 Deferred Tax Asset (Account 190)----- Change in FAS109 Deferred Tax Liability (Account 282)----- Change in FAS109 Deferred Tax Liability (Account 283)- Change in Regulatory Liability Balances and FAS109 ADIT Balances in Tables 1-3 net to Zero - - - - - Sum of Lines 51 and 56-5957585960 Instructions for Account 254:1.

  • The institution of non-profits can be abused for material gains, tax evasion, money laundering and other purposes by bending (or even breaking) the rules that govern the sector (see e.g. Gibelman, Gelman, 2004).

  • At least 10 Business Days prior to the date on which any Tax Distributions with respect to the prior fiscal year will be made, Borrowers shall submit to Administrative Agent a statement reflecting the final adjustments to the Tax Liability Account.

  • The Company is of the view, supported by legal opinion, that the ATE’s Order can be successfully challenged and hence, adjustments, if any, including consequential adjustments to the Deferred Tax Liability Fund and the Deferred Tax Liability Account will be recorded by the Company on the final outcome of the matter.

  • Because the write-off cannot be claimed against current tax liabilities, the charge will be taken to the Deferred Tax Liability Account in the Statement of FinancialA report from the Ministry of Woman affairs states almost two-thirds (64) of the top 100 NZSX companies have no women on their boards.

  • The Department’s prima facie case, inclusive of all jurisdictional elements, is established by the admission into evidence of Notice of Audit Tax Liability, Account Number 00000000000, issued October 30, 2006 showing unpaid motor fuel use tax, penalties and interest, covering the audit period January, 2004, through January, 2006.

  • The Tax Liability Account will also be decreased by any Tax Distributions to the Member.

  • Current year’s deferred tax Liabilities (Net) arising on account of timing difference in respect of depreciation has been provided for against current year’s income and Credited to Deferred Tax Liability Account.

  • Otherwise, QuickBooks will require sales tax information and the import will fail.2. If you do charge sales tax, enter the default QuickBooks Sales Tax Name you would like to use as a default tax to be applied to the default item name/number.3. Enter the default QuickBooks Sales Tax Liability Account through which the sales tax should be processed.

  • This suggests that the material is a mixture of at least two different phases, similar to the findings of Roach et al.

Related to Tax Liability Account

  • 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.

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

  • Tax Liability means the total taxes due to a municipal corporation for the taxable year, after allowing any credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding payment, or credit from another taxable year.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Tax Liabilities means all liabilities for Taxes.

  • Intercompany Account means any receivable, payable or loan between any member of the Ensign Group, on the one hand, and any member of the Pennant Group, on the other hand, that exists prior to the Effective Time and is reflected in the records of the relevant members of the Ensign Group and the Pennant Group, except for any such receivable, payable or loan that arises pursuant to this Agreement or any Ancillary Agreement.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.

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

  • Separate Accounts means the accounts which are to be prepared for each

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Company-Sponsored Equity Account means an account that is created with the Equity Account Administrator in connection with the administration of the Company’s equity plans and programs, including the Plan.

  • State premium tax liability means any liability

  • Retained asset account means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

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

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Assumed Tax Liability means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member.

  • Intercompany Accounts has the meaning set forth in Section 2.03(a).

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Multiple-party account means an account in the names of 2 or more persons, 1 or more or all of whom may make withdrawals, or an account in the name of 1 or more parties as trustee for 1 or more beneficiaries even though no mention is made of a right of withdrawal by a beneficiary. Accounts established for deposit of funds of a partnership, joint venture or other association or accounts controlled by 2 or more persons as the duly authorized agents or trustees for a corporation, unincorporated association, charitable or civic organization or any trust, except trusts of deposits evidenced only by the form of the deposit, are excluded from the meaning of the term and from the provisions of this act. At least 1 party to a multiple-party account shall be a member of the credit union in which the account is established.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).