Consolidated Federal and State Returns Sample Clauses

Consolidated Federal and State Returns. Within thirty (30) days after the Consolidated Federal Return and each Consolidated State Return for the taxable year which includes a Subsidiary's Split-off Date is filed, Industries shall notify such Subsidiary of the amount of the tax liability reflected on such return which is allocable to such Subsidiary. Such Subsidiary shall pay to Industries, within ten (10) days after the date of such notice, the excess of the amount of tax liability reflected on such tax return which is allocable to the Subsidiary over the amount previously paid by such Subsidiary to Industries with respect to the Subsidiary's tax liability for such taxable year, together with interest, at the intercompany rate of interest determined by Industries' Treasury Department (the "Inter-Company Rate") for such period, on such excess amount for the period from the date the tax return is filed until the date of payment by the Subsidiary. In the event that the amount of tax liability reflected on such tax return which is allocable to the Subsidiary is less than the amount previously paid by such Subsidiary to Industries with respect to the Subsidiary's tax liability for such taxable year, Industries shall pay such Subsidiary the difference, together with interest at the Inter-Company Rate on such amount for the period from the date the tax return is filed until the date of payment to the Subsidiary; provided, however, that interest shall only be paid to the extent such Subsidiary's overpayment was used to fund an underpayment by Industries or another Subsidiary or interest on such overpayment was actually received from the relevant taxing authority. Industries shall allocate the tax liability reflected on the Consolidated Federal Return and each Consolidated State Return in accordance with the method prescribed in Treas. Reg. Section 1.1552-1(a)(3).
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Related to Consolidated Federal and State Returns

  • Consolidated Returns CAC, the Seller and the Issuer are members of an affiliated group within the meaning of Section 1504 of the Internal Revenue Code which will file a consolidated federal income tax return at all times until the termination of the Basic Documents.

  • Consolidated or Combined Tax Returns At Parent’s election and in its sole discretion, SpinCo will elect and join, and will cause its Affiliates to elect and join, in filing any Parent State Combined Income Tax Returns and any Joint Returns that Parent determines are required to be filed or that Parent chooses to file pursuant to Section 4.02(b). With respect to any SpinCo Separate Returns relating to any Pre-Distribution Period, SpinCo will elect and join, and will cause its Affiliates to elect and join, in filing consolidated, unitary, combined, or other similar joint Tax Returns, to the extent reasonably determined by Parent.

  • Joint Returns In the case of any Tax Contest with respect to any Joint Return, Parent shall have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or adjustment proposed, asserted, or assessed in connection with or as a result of such Tax Contest.

  • Company Tax Returns The Company shall file all tax returns, if any, required to be filed by the Company.

  • Tax Returns Except as set forth on Schedule 3.13:

  • Other Tax Returns Subject to Section 7.01, the Managers shall cause to be prepared and filed all necessary tax returns for the Company.

  • Tax Returns and Taxes Each Obligor has filed all material Tax returns and Tax reports required by law to have been filed by it and has paid all Taxes thereby shown to be owing, except any such Taxes which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with generally accepted accounting principles shall have been set aside on its books.

  • INCOME TAX RETURNS Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

  • Tax Returns and Tax Payments (i) The Company has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by the Company has been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). The Company is not currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed to the Company by a taxing authority in a jurisdiction where the Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction. The unpaid Taxes of the Company did not, as of the Company Balance Sheet Date, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the financial statements (rather than in any notes thereto). Since the Company Balance Sheet Date, neither the Company nor any of its subsidiaries has incurred any liability for Taxes outside the ordinary course of business consistent with past custom and practice. As of the Closing Date, the unpaid Taxes of the Company and its subsidiaries will not exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the books and records of the Company.

  • Tax Returns; Taxes Except as otherwise disclosed on Schedule 3.13:

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