Income Tax Basis definition

Income Tax Basis means the historical basis upon which the Company has prepared and filed its income Tax Returns, to the extent consistent with Statement of Accounting Standards (SAS) 62.
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Income Tax Basis means the basis of accounting followed for United States federal income tax reporting purposes.
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Examples of Income Tax Basis in a sentence

  • Unless otherwise expressly stated herein, all accounting terms used in this Agreement which are not otherwise defined herein shall be construed in accordance with the Income Tax Basis applied on a basis consistent with that used in preparing the financial statements referred to in Section 4.01(f) hereof.

  • Income Tax Basis of Accounting ------------------------------ The partnership maintains its accounts and the financial statements have been prepared on the accounting basis used for income tax purposes.

  • Mr. Witwer was unaware of any significant role that Defendant played in the project.

  • The 1996 Statements which have previously been delivered to Buyer (i) have been prepared from, and are in accordance with, the books and records of Seller as of the dates set forth therein and (ii) present fairly in all material respects the results of operations, cash flows and financial position of Seller as of and for the periods set forth therein on the Income Tax Basis.

  • The Association shall contract with a third-party accountant to provide financial reports in accordance with Income Tax Basis Accounting Principles and for any other accounting purposes required.

  • Significant relation at P level < 0.05 1st, 2nd, 3rd : assessmentsTable (V): Effect of herbal and conventional therapy on the side effects of chemotherapy regarding to anthropometric measurements among the study and control groups.

  • The financial statement must include the CPA’s audited opinion letter or review report page, balance sheet prepared in accordance with GAAP or Income Tax Basis (Accrual Method), and the notes to the balance sheet.

  • It consists of (1) a Statement of Assets, Liability, and Assets-Income Tax Basis as of March 31, 2002 and (2) a Statement of Revenues and Expenses -Income Tax Basis for the Three Months Ended March 31, 2002.

  • While AEDIT is a component of expenses, it is a calculation based on the Rate Base component Unamortized Excess Deferred Income Tax Basis, which is discussed in Section 6.3 below.

  • It appears that if the transfer of the unused exemption amount iselected, it may also be used for gifts by the surviv- ing spouse during his/her remaining life.3. Second Step up in Income Tax Basis.


More Definitions of Income Tax Basis

Income Tax Basis means the historical basis upon which the Acquired Companies have prepared and filed its income Tax Returns, to the extent consistent with Statement of Accounting Standards (SAS) 62.
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Income Tax Basis means the income tax basis of accounting, consistently applied.
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Income Tax Basis means prepared in accordance with GAAP except for the GAAP reconciliation exceptions described in Schedule 3.08(b)..
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Income Tax Basis means HPC Income Tax Basis, HHEC Income Tax Basis or HHPC Income Tax Basis, as applicable.
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Related to Income Tax Basis

  • 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.

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal franchise or income taxes paid or due to be paid during such period.

  • Income Tax Returns mean all Tax Returns that relate to Income Taxes.

  • Income Taxes means any taxes measured, in whole or in part, by net or gross income or profits together with any interest, penalties or additions to tax.

  • Income Tax Act means the Income Tax Act, 1962 (Act No. 58 of 1962);

  • After-Tax Basis means, with respect to any payment due to any Person, the amount of such payment supplemented by a further payment or payments so that the sum of all such payments, after reduction for all Taxes payable by such Person by reason of the receipt or accrual of such payments, shall be equal to the payment due to such Person.

  • Income Tax means any federal, state, local or foreign Tax (a) based upon, measured by or calculated with respect to net income, profits or receipts (including, without limitation, capital gains Taxes and minimum Taxes) or (b) based upon, measured by or calculated with respect to multiple bases (including, without limitation, corporate franchise taxes) if one or more of the bases on which such Tax may be based, measured by or calculated with respect to, is described in clause (a), in each case together with any interest, penalties, or additions to such Tax.

  • Consolidated Income Tax Expense means, for any period, all provisions for taxes based on the gross or net income of Borrower (including, without limitation, any additions to such taxes, and any penalties and interest with respect thereto), and all franchise taxes of Borrower, as determined on a Consolidated basis and in accordance with GAAP.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

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

  • Non-Income Taxes means any Taxes other than Income Taxes.

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

  • Transaction Tax Deductions means any Tax deductions relating to (i) any pay down or satisfaction of Company Indebtedness or other Indebtedness, (ii) the payment or incurrence of any Transaction Expenses or Transaction Bonus Payments and (iii) any other deductible payments attributable to the Contemplated Transactions economically borne by the Seller. For this purpose, any success-based fees shall be treated as deductible in accordance with Rev. Proc. 2011-29.

  • Non-Income Tax means any Tax other than an Income Tax.

  • Tax or “Taxes” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Governmental Entity.

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • 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.

  • Consolidated Income Taxes means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority.

  • Post-Distribution Tax Period means a Tax period beginning and ending after the Distribution Date.

  • Incremental Income Taxes is defined in Section 6.9.

  • Pre-Distribution Tax Period means any taxable period (or portion thereof) that ends on or before the Distribution Date.

  • Tax Items shall have the meaning set forth in Section 6.4.A.