Tax Payable means the full amount of Canadian federal and provincial income tax payable by Target on the disposition of the Member Nitrogen Agreement to CFI or its Affiliate, for greater certainty determined without application of any tax losses, credits or other direct or indirect reductions in such tax payable;
In determining the amount of tax benefits utilized, all profitable members will establish a Tax Payable account in an amount which equals their separate return liability (as defined under Section 4), and all loss members establish a Tax Receivable account in a corresponding amount.
The tax can follow the land into a purchaser's ownership unless a Certificate of Land Tax Payable (a "Certificate") is obtained for settlement purposes and the tax value stated is paid in full.
The Local Government Finance Act 1992 And Subordinate Legislation To carry out the functions and exercise the powers of the Authority under Part I of the Local Government Finance Act 1992 and subordinate regulations as amended in relation to the Administration, Collection and Recovery of Council Tax with the exception of Section 8(2) - (Determination of Liability in Prescribed Cases); Section 12 - (Discounts); Section 13A (Power to Reduce Amount of Tax Payable) and Chapter 3 (Setting of Council Tax).
The Intercompany Estimated Tax Payable shall be subject to the treatment of intercompany obligations provided for pursuant to Section 2.4(b) of the Master Separation Agreement.
On or prior to the Deconsolidation Date, an intercompany payable shall be owed by Tronox to Distributing (the Intercompany Estimated Tax Payable) in an amount equal to the sum of the Tronox Federal Tax Liability and the Tronox Combined Tax Liability for the portion of any taxable period that includes but does not, with respect to Distributing or any other member of the Distributing Group, end on the Deconsolidation Date, in both cases as estimated by Distributing in its sole, good-faith discretion.