No Special Tax Treatment Sample Clauses

No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the Federal income tax laws. The taxable portion of the distribution is taxed to the person receiving it as ordinary income. There are no special averaging rules applicable to distributions made directly from your Account.
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No Special Tax Treatment. Xxxx XXX distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions. Estate and Gift Tax. The designation of a beneficiary to receive Xxxx XXX distributions upon your death will not be considered a transfer of property for federal gift tax purposes. Upon your death, the value of all assets remaining in your Xxxx XXX will usually be included in your gross estate for estate tax purposes, regardless of the named beneficiary or manner of distribution. There is no specific estate tax exclusion for assets held within a Xxxx XXX. After your death, beneficiaries should pay careful attention to the rules for the disclaiming any portion of your Xxxx XXX under IRC Section 2518. Annual Statements. Each year we will furnish you and the IRS with statements reflecting the activity, including rollovers, conversions, and recharacterizations, in your Xxxx XXX. You and the IRS will receive IRS Forms 5498 and 1099-R. IRS Form 5498 or an appropriate substitute indicates the fair market value of the account, including Xxxx XXX contributions, for the year. IRS Form 1099-R reflects your Xxxx XXX distributions for the year. Federal Tax Penalties and IRS Form 5329. Several tax penalties may apply to your various Xxxx XXX transactions, and are in addition to any federal, state, or local taxes. Federal penalties and excise taxes are generally reported and remitted to the IRS by completing IRS Form 5329, and attaching the form to your federal income tax return. The penalties may include any of the following taxes:
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No Special Tax Treatment. Xxxx XXX distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions.
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No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the federal income tax laws. The taxable portion of the distribution is taxed to the person receiving it as ordinary income. There are no special averaging rules applicable to distributions from your Account. IRS Approval. The form of your Xxxx XXX is the model government form provided by the IRS known as Form 5305-RA. Refer to IRS Publication 590 or contact the IRS for more information on Xxxx IRAs, as transactions done incorrectly may result in adverse tax consequences. The trademarks and service marks appearing herein are the property of FMR LLC. Fidelity Investments Institutional Operations Company LLC 000 Xxxxx Xx., Xxxxxxxxxx, XX 00000 358689.20.0 1.703912.126 0121 Important Information Affecting the Fidelity Advisor XXX & Xxxx XXX This notice describes certain provisions relating to Traditional IRAs and Xxxx IRAs that are now effective (unless otherwise noted), based on recent changes in the law, cost-of-living adjustments and guidance from the IRS. This information is intended to supplement and update the information in your Fidelity Advisor XXX Disclosure Statement and/or Fidelity Advisor Xxxx XXX Disclosure Statement, as applicable. These provisions, as well as others described in your Disclosure Statement, are subject to change. For additional information on changes affecting your XXX, review IRS Publication 590 or contact your investment professional. As always, you are encouraged to consult a tax advisor with respect to any tax questions, or to determine how these changes may affect your personal situation.
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No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the Federal income tax laws. The taxable portion of the distribution is taxed to the person receiving it as ordinary income. There are no special averaging rules applicable to distributions made directly from your Account. IRS Approval. The form of your Individual Retirement Account is the model government form provided by the IRS known as Form 5305-A. Refer to IRS Publication 590 or contact the IRS for more information on IRAs, as transactions done incorrectly may result in adverse tax consequences. The trademarks and service marks appearing herein are the property of FMR LLC. Fidelity Investments Institutional Operations Company LLC 358688.19.0 1.703911.125
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No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the federal income tax law. It is taxed to the person receiving the distribution as ordinary income. Similarly, you are not entitled to the special income averaging rule for lump sum distributions available to persons receiving distributions from certain other types of retirement plans. However, distributions to you, though taxable as ordinary income, may qualify for regular income averaging under the tax laws. GIFT TAX. If you elect during your lifetime to have all or any part of your Account payable to a Beneficiary at or after your death, the election will not subject you to any gift tax liability. ESTATE TAX. For deaths occurring after December 31, 1984, all funds held within an XXX will be included in your gross estate for estate tax purposes, regardless of the named beneficiary or manner of distribution. There is no specific estate tax exclusion for funds held within an XXX. REPORTING FOR TAX PURPOSES Deductible contributions to your XXX may be claimed as a deduction on your tax Form 1040 for the taxable year contributed. Non-deductible contributions must be reported on Form 8606 which is filed with Form 1040. Other reporting will be required by you in the event that special taxes or penalties described herein are due. You must also file Treasury Form 5239 with the IRS for each taxable year in which the contribution limits are exceeded, a premature distribution takes place, or less than the required minimum amount is distributed from your XXX. XXX APPROVAL The form of your Individual Retirement Account Plan has been submitted for approval to the Internal Revenue Service. The internal Revenue Service approval is a determination only as to the form and does not represent a determination of the merits of the Plan. You may obtain further information with respect to your XXX from any district office of the Internal Revenue Service. GALAXY FUND XXX ADOPTION AGREEMENT AND NEW ACCOUNT APPLICATION GALAXY FUND XXX FOR: Name --------------------------------------------------------------------------- Address Home Phone No. ------------ ---------------------------------------------- City State Zip Code Date of Birth ------------------------- ---------- ------- ------- Social Security No. ------------------------------------------------------------ Initial Contribution Amount ---------------------------------------------------- -------------------------------------...
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No Special Tax Treatment. No distribution to you or anyone else from your IRA xxxl qualify for special 5-year or 10-year averaging or capital gains treatment under the federal income tax laws. All distributions are taxed to the recipient as ordinary income except for the portion of a distribution which represents the return of non-deductible contributions.
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No Special Tax Treatment. No distribution to you or to anyone else from your Account can qualify for capital gain treatment under the federal income tax laws. Each distribution is taxed to the person receiving such distribution as ordinary income. There are no special averaging rules applicable to distributions from your Account. Tax Withholding. Federal income tax will be withheld from distributions you receive from the Account unless you elect not to have such tax withheld. However, if SIMPLE IRA distributions are to be delivered outside of the United States, this withholding tax is mandatory and you may not elect otherwise unless you certify to the Custodian that you are a U.S. citizen or other U.S. person (including a resident alien individual). This tax withholding will also be mandatory if you have not provided a valid residential address within the United States. (A post office box is not deemed to be a valid residential address.) Federal income tax will be withheld at the rate of 10%, unless a higher rate is elected by you, or if nonresident alien withholding applies. In addition, state income tax may be withheld from your SIMPLE IRA distributions, if applicable, depending on the state of residence indicated in your legal address of record for the Account. XXX is pledged as security for a loan, then the portion so pledged will be treated as if distributed to you. Such distributions will be subject to ordinary income tax and, if you were under age 59½ at the time, to the 10% penalty tax on premature distributions. If you have not participated in the SIMPLE Plan for “the two-year period” at the time of this deemed distribution, this penalty tax will be increased to 25%.
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Related to No Special Tax Treatment

  • Income Tax Treatment Employee and the Company acknowledge that it is the intention of the Company to deduct all amounts paid under Section 2 hereof as ordinary and necessary business expenses for income tax purposes. Employee agrees and represents that he will treat all such amounts as required pursuant to all applicable tax laws and regulations, and should he fail to report such amounts as required, he will indemnify and hold the Company harmless from and against any and all taxes, penalties, interest, costs and expenses, including reasonable attorneys' and accounting fees and costs, which are incurred by Company directly or indirectly as a result thereof.

  • Federal Tax Treatment Notwithstanding anything to the contrary contained in this Agreement or any document delivered herewith, all persons may disclose to any and all persons, without limitation of any kind, the federal income tax treatment of the Notes, any fact relevant to understanding the federal tax treatment of the Notes, and all materials of any kind (including opinions or other tax analyses) relating to such federal tax treatment.

  • Intended Tax Treatment Notwithstanding anything to the contrary herein or in any other Transaction Document, all parties to this Agreement covenant and agree to treat each Loan under this Agreement as debt (and all Interest as interest) for all federal, state, local and franchise tax purposes and agree not to take any position on any tax return inconsistent with the foregoing.

  • Tax Treatment If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv).

  • Agreed Tax Treatment Each Security issued hereunder shall provide that the Company and, by its acceptance of a Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Security agree that for United States Federal, state and local tax purposes it is intended that such Security constitutes indebtedness.

  • No Special Taxes The Contributors have no actual knowledge of, nor have they received any written notice of, any special taxes or assessments relating to the Partnership or Property or any part thereof or any planned public improvements that may result in a special tax or assessment against the Property.

  • Special Tax Consequences The Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options, including the Option, are exercisable for the first time by the Participant in any calendar year exceeds $100,000, the Option and such other options shall be Non-Qualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. The Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.

  • SPECIAL TAX ELECTION The acquisition of the Purchased Shares may result in adverse tax consequences which may be avoided or mitigated by filing an election under Code Section 83(b). Such election must be filed within thirty (30) days after the date of this Agreement. A description of the tax consequences applicable to the acquisition of the Purchased Shares and the form for making the Code Section 83(b) election are set forth in Exhibit II. OPTIONEE SHOULD CONSULT WITH HIS OR HER TAX ADVISOR TO DETERMINE THE TAX CONSEQUENCES OF ACQUIRING THE PURCHASED SHARES AND THE ADVANTAGES AND DISADVANTAGES OF FILING THE CODE SECTION 83(b) ELECTION. OPTIONEE ACKNOWLEDGES THAT IT IS OPTIONEE'S SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF OPTIONEE REQUESTS THE CORPORATION OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER BEHALF.

  • Tax Treatment; Reporting Landlord and Tenant each acknowledge that each shall treat this transaction as a true lease for state law purposes and shall report this transaction as a Lease for Federal income tax purposes. For Federal income tax purposes each shall report this Lease as a true lease with Landlord as the owner of the Leased Premises and Equipment and Tenant as the lessee of such Leased Premises and Equipment including: (1) treating Landlord as the owner of the property eligible to claim depreciation deductions under Section 167 or 168 of the Internal Revenue Code of 1986 (the "Code") with respect to the Leased Premises and Equipment, (2) Tenant reporting its Rent payments as rent expense under Section 162 of the Code, and (3) Landlord reporting the Rent payments as rental income.

  • Disclosure of Tax Treatment Notwithstanding the foregoing or anything herein to the contrary, all persons (and their respective employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction described herein and all materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax treatment and tax structure. However, any such information relating to the tax treatment or tax structure shall be required to be kept confidential to the extent necessary to comply with any applicable securities laws.

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