Combined tax liability definition

Combined tax liability means the total amount of a taxpayer's income tax liabilities to all municipal corporations in this state for a taxable year.
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Combined tax liability means, for any Combined Return Year, the Texas franchise tax liability computed in accordance with Chapter 171 of the Texas Tax Code and reported on Cheniere’s Combined Return, taking into account all credits to which Cheniere is entitled under the Texas franchise tax.
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Combined tax liability. Combined Tax Liability" shall mean, with respect to a particular Taxable Year, the combined California franchise tax liability of the REC and Land Groups for such Taxable Year (including interest and penalties). It is expressly provided that the term Combined Tax Liability as defined herein shall be determined by taking into consideration all applicable losses and credits, including applicable net operating losses.
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Examples of Combined tax liability in a sentence

  • Combined tax liability" means the total amount of a taxpayer's income tax liabilities to a l municipal corporations in this state for a taxable year.


More Definitions of Combined tax liability

Combined tax liability shall be defined as the context indicates but in a manner consistent with the definition of the terms provided in Section 1.1. It is expressly provided, however, for purposes of this Section 9.1 that returns required under state or local law on a basis other than combined or consolidated methods are expressly excluded from the definition of "Other Applicable Returns."
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Related to Combined tax liability

  • Assumed Tax Liability means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member.

  • Tax Liability means the total taxes due to a municipal corporation for the taxable year, after allowing any credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding payment, or credit from another taxable year.

  • Agreement combined tax rate means the sum of the tax rates:

  • State premium tax liability means any liability

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Straddle Tax Period means any taxable period beginning on or before and ending after the Closing Date.

  • Assumed Tax Rate means the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners.

  • Tax Attributes means net operating losses, capital losses, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses and any other losses, deductions, credits or other comparable items that could reduce a Tax liability for a past or future taxable period.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Tax Item means, with respect to any Income Tax, any item of income, gain, loss, deduction, or credit.

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Tax return preparer means any individual described in Section 7701(a)(36) of the Internal Revenue Code and 26 C.F.R. 301.7701-15 .

  • Consolidated Return means a Tax Return filed with respect to Federal Income Taxes for the Consolidated Group.