Unitary Tax definition

Unitary Tax means a state Income Tax that reflects the combined and/or consolidated tax reporting (either on a domestic or worldwide basis) of a corporation and its Affiliates and that is imposed by that state either (i) on its apportioned and/or allocable share of the net income of a taxpayer and its United States Affiliates that are engaged in a unitary business, part of which is conducted in the state or (ii) on its apportioned and/or allocable share of the net income of a taxpayer and its Affiliates, both domestic and foreign, that are engaged in a unitary business. A "unitary business" is a group of affiliated corporations that (i) exhibits common ownership, centralized management, functional integration, and/or economies of scale, or (ii) is doing business in the state and included in a consolidated federal Income Tax return.
View Source

Examples of Unitary Tax in a sentence

  • The Actual Unitary Tax Liability, Stand-Alone Tax Liability, and Resulting Tax Liability (along with any supporting workpapers) will be provided to the Reimbursing Partner for review at least thirty (30) days prior to the due date (including extensions) of the Unitary/Combined Tax Report of the Combined Reporting Partner (or its Affiliate) related to the applicable period.

  • As such, this Agreement shall apply to all taxable years or portions thereof (including those prior to the date of this Agreement) for which a Consolidated Return or Unitary Tax Return was or is filed with respect to a Present Subsidiary that were included as part of such Return(s), unless Enron and the Present Subsidiary agree in writing to another arrangement or otherwise agree to terminate this Agreement.

  • Enron shall file timely all returns and reports ("Tax Returns") with respect to a Unitary Tax ("Unitary Tax Returns") covering a Pre-Closing Period or a Straddle Period required to be filed by Enron and shall be responsible for the timely payment of all Taxes due with respect to the period covered by such Unitary Tax Returns.

  • To the extent a Present Subsidiary is permitted or required to file consolidated or combined returns (including Unitary Tax Returns) with one or more related parties that may or may not be Subsidiaries, such Other Taxes and Unitary Taxes shall be allocated among the Members in accordance with the principles and provisions of this Agreement including, without limitation, the principles and provisions in respect of payments and adjustments.

  • EOG shall provide to Enron all information in its or its Subsidiaries' possession needed by Enron to prepare and file such Unitary Tax Returns.

  • If EOG does not approve such schedules, EOG and Enron shall resolve their differences on a mutually agreeable basis; if Enron and EOG agree on a reallocation of Unitary Tax Liability to the EOG Entities that is less than the amount previously paid by EOG to Enron therefor, Enron shall refund such excess to EOG together with interest at the Interest Rate.

  • If EOG does not approve such schedules, EOG and Enron shall resolve their differences on a mutually agreeable basis; if Enron and EOG agree on an allocation of Unitary Tax Liability to the EOG Entities that is less than the amount previously paid by EOG to Enron therefor, Enron shall refund such excess to EOG together with interest at the Interest Rate.

  • EOG shall pay to Enron any increase in the amount of Unitary Tax Liability so allocated to the EOG Entities, or Enron shall pay to EOG any decrease in the amount of Unitary Tax Liability so allocated to the EOG Entities, within 30 days after Enron delivers such schedules to EOG; any amount not so paid shall bear interest at the Interest Rate until paid.

  • EOG shall pay to Enron the amount of Unitary Tax Liability so allocated to the EOG Entities by December 31 of such year; any amount not so paid shall bear interest at the Interest Rate until paid.

  • To the extent a Present Subsidiary is permitted or required to file consolidate or combined returns (including Unitary Tax Returns) with one or more related parties that may or may not be Subsidiaries, such Other Taxes and Unitary Taxes shall be allocated among the Members in accordance with the principles and provisions of this Agreement including, without limitation, the principles and provisions in respect of payments and adjustments.