Definition of Taxable Income


Taxable Income or "Taxable Loss" means, respectively, in respect of any Fiscal Year, the amount of income or loss for tax purposes of the Partnership for such period determined in accordance with the Guarantor LP Agreement and the provisions of the Income Tax Act;

Examples of Taxable Income in a sentence

The Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partners estimate of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the Tax Amount).
Taxable Income" means, with respect to any partner or member of a Person that is a partnership or substantially similar pass-through entity for federal income tax purposes, such partner's allocation of taxable income from such Person for federal income tax purposes inclusive of each item of taxable gain, loss, income, and deduction required to be taken into account separately by the partners or members of such Person and taking into account allocations pursuant to Section 704(c) of the Code.
The Tax Distributions payable with respect to a period shall be computed based upon the General Partners estimate of the allocable Net Taxable Income in accordance with Article V for such period, multiplied by the Assumed Tax Rate (the Tax Amount).
The sum of a Participant's Taxable Income and salary reductions, if any, pursuant to Code sections 125, 402(e)(3), 402(h), 403(b), 414(h)(2) or 457.
The purpose of this payment is to true-up the federal and state income taxes each of the Parties will be required to pay on the Interim Period Taxable Income of NCS or WilTel, as appropriate, to its allocable 57 67 share of the federal and state income taxes on the combined Interim Period Taxable Income of NCS and WilTel.