Income Tax Status. It is the intent of this Company and the Members that this Company shall be treated as a partnership for U.S., federal, state and local income tax purposes. Neither the Company nor any Member shall make an election for the Company to be classified as other than a partnership pursuant to Treasury Regulations Section 301.7701-3.
Income Tax Status. The Agreement is intended to be an unfunded, nonqualified deferred compensation and death benefit plan that is governed by Internal Revenue Code sections 61, 83, and 451, such that neither the Director nor the Director's Beneficiary(ies) will have any taxable income by virtue of the operation of the Agreement earlier than the first taxable year in which the deferred compensation benefits under the Agreement are paid.
Income Tax Status. For U.S. federal income tax purposes (and for purposes of all state, local and other jurisdictions to the extent applicable), the Litigation Trust shall be treated as a grantor trust pursuant to IRC sections 671-677, or any successor provisions thereof. To the extent consistent with Revenue Procedure 94-45 and not otherwise inconsistent with this Litigation Trust Agreement, this Litigation Trust Agreement shall be construed so as to satisfy the requirements for liquidating trust status. Except with respect to the Litigation Trust Assets allocable to the LT Reserves, (i) the Litigation Trust Beneficiaries will be treated as the grantors, deemed owners and beneficiaries of the Litigation Trust, and (ii) any items of income, gain, loss, deduction and credit of the Litigation Trust shall be allocated for U.S. federal income tax purposes to the Litigation Trust Beneficiaries. The Litigation Trust shall at all times be administered so as to constitute a domestic trust for U.S. federal income tax purposes.
Income Tax Status. It is the intent of the Company and the Shareholders that the Company shall be treated as “C” corporation for U.S., federal, state, and local income tax purposes.
Income Tax Status. For all purposes of the Tax Code, the Debtors shall be deemed to have transferred the Trust Assets to the Trust Beneficiaries and the other recipients of distributions hereunder pursuant to the Plan and thereupon the Trust Beneficiaries shall be deemed to have transferred their share of the Trust Assets to the Realization Trust. For all federal income tax purposes consistent valuations shall be used by the Realization Trust and the Trust Beneficiaries for the transferred Trust Assets. The Realization Trust is intended to be treated as a liquidating trust pursuant to Treasury Regulations Section 301.7701-4(d), and as a grantor trust subject to the provisions of Subchapter J, Subpart E of the Tax Code, owned by the Trust Beneficiaries as grantors. Any items of income, deduction, credit, or loss of the Realization Trust shall be allocated for federal, state and local income tax purposes among the Trust Beneficiaries pro rata on the basis of their beneficial interests; provided, however, that to the extent that any item of income cannot be allocated in the taxable year in which it arises, the Realization Trust shall pay the federal, state and local taxes attributable to such income (net of related deductions) and the amount of such taxes shall be treated as having been received by, and paid on behalf of, the Trust Beneficiaries receiving such allocations when such allocations are ultimately made. The Realization Trustee is authorized to take any action that may be necessary or appropriate to minimize any potential tax liability of the Trust Beneficiaries arising out of the operations of the Realization Trust.
Income Tax Status. The Borrower (a) is an organization described in Section 501(c)(3) of the Code exempt from taxation under Section 501(a) of the Code, (b) is an organization described in Section 509(a)(2) of the Code and (c) is not a “private foundation” within the meaning of Section 509(a) of the Code.
Income Tax Status. Consistent with Revenue Procedure 94-45, 1994-28 I.R.B. 124, the Litigation Trust shall be treated, and the Trustee shall use his best efforts to operate and maintain the Litigation Trust, as a liquidating trust pursuant to Treasury Regulation Section 301.7701-4(d) and as a grantor trust pursuant to IRC Sections 671-677. Accordingly, the Beneficiaries shall be treated, for federal income tax purposes, (i) as direct recipients of an undivided interest in the Trust Assets (other than to the extent such Trust Assets are allocable to Disputed Claims or as is otherwise set forth in the Plan) and as having immediately contributed such Trust Assets to the Litigation Trust, and (ii) thereafter, as the grantors and the deemed owners of the Litigation Trust and, thus, the direct owners of an undivided interest in the Trust Assets (other than the Trust Assets as are allocable to Disputed Claims or as is otherwise set forth in the Plan).
Income Tax Status. The Active Trustee is authorized to take any action that may be necessary or appropriate to (i) maximize any potential tax benefit to MCC and the Qualified Claimants and (ii) minimize any potential tax liability of MCC and the Qualified Claimants arising out of the operations of the MCC Settlement Trust. For all federal income tax purposes, consistent valuations shall be used by the MCC Settlement Trust and MCC for the transferred MCC Settlement Trust Assets. The MCC Settlement Trust is intended to be a grantor trust for U.S. federal income tax purposes, and accordingly, MCC shall be treated as the owner of the MCC Settlement Trust Assets for all U.S. federal income tax purposes.
Income Tax Status. Unless otherwise determined by the Member in its sole discretion, the Company shall be disregarded from the Member for applicable income tax purposes so long as the Company has a single member that owns one hundred percent (100%) of the limited liability company interests in the Company.
Income Tax Status. So long as there only a single Person owning the Shares, the Company shall be disregarded as an entity separate from such Person as provided in U.S. Treasury Regulations Section 301.7701-3. Whenever there is more than one such Person, the Company shall be classified as a partnership subject to Subchapter K of Chapter 1 of the Code for U.S. Federal and state income tax purposes. Such classification as a disregarded entity or as a partnership shall be solely for U.S. Federal and state income tax purposes, and shall not affect the limited liability of the Directors and Shareholders or otherwise affect the status of the Company, its Directors and Shareholders under the Act.
