TAX QUALIFICATION definition

TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code including, in the case of an owner who is a non-natural person, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Contract Value less any applicable charges. We reserve the right to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code. Both We and You agree to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code including, in the case of an owner who is a non-natural person, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Contract Value less any Contract Fee under Section 4.1. We reserve the right to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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Examples of TAX QUALIFICATION in a sentence

  • TAX QUALIFICATION This contract is intended to qualify as an annuity contract for federal income tax purposes.

  • ANNUITY TAX QUALIFICATION This contract is intended to qualify as an annuity contract under Section 72 of the Code for federal income tax purposes.

  • ANNUITY TAX QUALIFICATION This contract is intended to qualify as an annuity contract under Section 72 and other relevant sections of the Code for Federal income tax purposes.

  • THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.

  • TAX QUALIFICATION This Contract is intended to qualify as an Annuity contract for federal income tax purposes.

  • TAX QUALIFICATION This policy is intended to qualify as an annuity contract for federal income tax purposes.

  • ANNUITY TAX QUALIFICATION This contract is intended to qualify as an annuity contract under Section 72 and other relevant sections of the Code for federal income tax purposes.

  • INCOME TAX QUALIFICATION This Contract is intended to qualify as an immediate annuity under Section 72 of the Internal Revenue Code of 1986 as amended (the "Code").

  • CHECK ONE OR 289 TAX QUALIFICATION CONTINGENCY: This Agreement is contingent upon ⬜ First Party ⬜ Second Party BOTH 290 obtaining a written opinion from a qualified tax advisor that this transaction qualifies for the benefits under Section 1031 of the 291 Internal Revenue Code.

  • We reserve the right to discontinue Annuity Payments until satisfactory proof of continued survival is received by Us. TAX QUALIFICATION This Contract is intended to qualify as an annuity contract for federal income tax purposes.


More Definitions of TAX QUALIFICATION

TAX QUALIFICATION. The Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of the Contract are to be interpreted to ensure or maintain such tax qualifications, notwithstanding any other provisions to the contrary. Distributions under the Contract shall be made in a time and manner necessary to maintain such qualification under ML-MGA-003 SPECIMEN 8 the applicable provisions of the Internal Revenue Code including, in the case of an Owner who is not an individual, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Net Account Value. We reserve the right to amend the Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform the Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION means compliance with all applicable requirements of section 401(a) or 457(b) of the Internal Revenue Code.
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Related to TAX QUALIFICATION

  • pre-qualification means a screening process designed to ensure that invitations to bid are confined to capable providers;

  • Minimum Qualifications means the requirements of education, training, experience and other basic qualifications for a job.

  • Monthly Qualification Cycle means a period beginning one (1) Business Day prior to the first day of the current Statement Cycle through one (1) Business Day prior to the close of the current Statement Cycle.

  • Statement of Qualifications means a written statement submitted to a procurement unit in response to a request for statement of qualifications.

  • Prequalification means the process to verify the compliance of a reserve providing unit or a reserve providing group with the requirements set by the TSO;