OWNERSHIP FOR TAX PURPOSES. Seller agrees that, for purposes of federal and other taxes based on income, Seller will be treated as the owner of the Escrow Fund and that Seller will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. Shareholders agree that, for purposes of federal and other taxes based on income, Each Shareholder will be treated as the owner of an equal percentage of the Escrow Fund, respectively, and each Shareholder will report all income, if any, that is eamed on, or derived from, the Escrow Fund as their income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. The Owner Trust will not take any -------------------------- position inconsistent with its ownership of the Vessel Interest for U.S. federal, state, or local income tax purposes.
OWNERSHIP FOR TAX PURPOSES. Each of Purchaser and Sellers agree that, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers shall be treated as the owners of the Escrow Corpus and that Sellers shall report the income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus as income, if any, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. GRANT OF SECURITY INTEREST; USURY SAVINGS:
OWNERSHIP FOR TAX PURPOSES. For purposes of federal and other taxes based on income, Seller will be treated as owner of the Escrow Fund and shall report all income, if any, that is earned on, or derived from, the Escrow Fund as its income and in the taxable year or years in which such income is properly includible, and pay any taxes attributable thereto. All interest or other income earned under the Escrow Agreement shall be allocated to Seller and reported, to the extent required by law, by the Escrow Agent to the IRS or any other taxing authority, as applicable, on IRS form 1099 or 1042S (or other appropriate form) as income earned from the Escrow Fund by the Seller whether or not said income has been distributed during the year. Any other tax returns required to be filed will be prepared and filed by the Seller with the IRS and any other taxing authority as required by law including but not limited to any applicable reporting or withholding pursuant to the Foreign Investment in Real Property Tax Act (“FIRPTA”). The parties hereto acknowledge and agree that the Escrow Agent shall have no responsibility for the preparation and/or filing of any tax return or any applicable FIRPTA reporting with respect to the Escrow Fund. The Escrow Agent shall withhold any taxes it deems appropriate, including but not limited to required withholding in the absence of proper tax documentation, and shall remit such taxes to the appropriate authorities as it determines may be required by any law or regulation in effect at the time of the distribution.
OWNERSHIP FOR TAX PURPOSES. (a) The parties agree that, for purposes of federal and other taxes based on income, prior to the Closing Buyer will be treated as the owner of the Escrow Fund, and that for such period Buyer will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. For purposes of federal and other taxes based on income, Limited Partner will be deemed to own the Escrow Fund.
OWNERSHIP FOR TAX PURPOSES. The Parties agree that, for purposes of federal, state and other taxes based on income, the GCSI Stockholders will be treated as the owner of the Escrow Fund, and that the GCSI Stockholders will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
OWNERSHIP FOR TAX PURPOSES. Each NTS Seller will be treated as the owner of its respective portion of the Escrow Fund, and each NTS Seller will report all income, if any, that is earned on, or derived from, each NTS Seller’s portion of the Escrow Fund as their income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
