Separate Return Basis definition

Separate Return Basis the Tax liability for the Marketing Group (or any Marketing Member) calculated with Marketing as the common parent of the Affiliated Group and without regard to any Realty Members. "Spin-off" -- as defined in the Preamble to this Agreement.
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Separate Return Basis. With respect to each member, an amount equal to such member's U.S. tax liability for the year determined on a separate return basis.
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Separate Return Basis means, with respect to any Taxable Year or portion thereof, (i) in the case of a Tax Liability of the Subsidiary Group, calculated with Subsidiary as the common parent of that Affiliated Group and without regard to any Post-Distribution Parent Group Members; and (ii) in the case of any individual Subsidiary Member, calculated as if such Subsidiary Member were a separate entity outside of any Affiliated Group.
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Examples of Separate Return Basis in a sentence

  • In 1998, the Marathon Stock Group generates $200 of net operating losses which it is unable to use on a Separate Return Basis; the United States Steel Group generates $100 of income, which on the Tax Return of the USX Consolidated Group is offset by $100 of the Marathon net operating losses.

  • The United States Steel Stock Group could not have used its net operating losses on a Separate Return Basis.

  • In 1999, the United States Steel Stock Group generates $100 of losses and the Marathon Stock Group has no income; on a Separate Return Basis, United States Steel would have been able to carry the losses back to 1998, but no such carryback is available on the Tax Returns of the USX Consolidated Group.

  • In the same year, the USX Consolidated Group utilizes $286 of net operating losses of the United States Steel Stock Group, which under the relevant ordering rules of the Code, preempt and displace in their entirety the $100 of MTC utilized by the Marathon Stock Group on a Separate Return Basis.

  • In the year at issue, the Marathon Stock Group is able to use $100 of MTC on a Separate Return Basis.

  • The Federal regular income tax liability of the United States Steel Stock Group and the Marathon Stock Group (the "Separate Return Liability") shall be determined as if each Group were filing its own separate consolidated return (the "Separate Return Basis").

  • Since in this case each Group has $100 of MTC on a Separate Return Basis, each Group would be deemed to utilize 50% of the total utilized, or $50 of MTC.

  • The amount utilized by each Group is deemed to be an amount equal to the ratio of each Group’s available Tax Attributes to the amount of such Tax Attributes utilized on USX’s Consolidated Federal Tax Return limited by each Group’s use of such Tax Attribute on a Separate Return Basis.

  • Therefore such components as capital loss carryforwards, excess charitable contributions, etc., will not be accounted for on a Separate Return Basis for purposes of this Agreement.

  • On a Separate Return Basis, the Marathon Stock Group is able to use $100 of MTC, and the United States Steel Stock Group is able to use $50 of MTC.


More Definitions of Separate Return Basis

Separate Return Basis the Tax liability for the Realty Group (or any Realty Member) calculated with Realty as the common parent of the Affiliated Group and without regard to any Culbro Members.
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Separate Return Basis means the computation of Tax for a member of the Consolidated Group on the basis of a separate federal income tax return for the Taxable Year.
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Separate Return Basis the Tax liability for the Marketing Group (or any Marketing Member) calculated with Marketing as the common parent of the Affiliated Group and without regard to any Realty Members. “Spin-off” — as defined in the Preamble to this Agreement. “Straddle Period” — any Taxable Year beginning before and ending after the close of business on the Closing Date. “Tax(es)” — with respect to any corporation or group of corporations, any and all taxes based upon or measured by net income, gross income, gross receipts (when levied in lieu of an income tax) or alternative minimum taxable income, capital or net worth, or motor fuel taxes, regardless of whether denominated as an “income tax,” a “franchise tax” or otherwise, imposed by any Taxing Authority, whether any such tax is imposed directly or through withholding, together with any interest and any penalty, addition to tax or additional amount. “Taxable Period” — a Pre-Closing Taxable Period, a Post-Closing Taxable Period or a Straddle Period. “Taxable Year” — a taxable year (which may be shorter than a full calendar or fiscal year), year of assessment or similar period with respect to which any Tax may be imposed. “Tax Benefit(s)” — (i) in the case of a Tax for which a consolidated federal, or a consolidated, combined or unitary state or other, Tax Return is filed, the amount by which the Tax liability of the Affiliated Group or other relevant group of corporations is actually reduced on a “with and without” basis (by deduction, entitlement to refund, credit, offset or otherwise, whether available in the current Taxable Year, as an adjustment to taxable income in any other Taxable Year or as a carryforward or carryback, and including the effect of such reduction on other Taxes), plus any interest received with respect to any related Tax refund, and (ii) in the case of any other Tax, the amount by which the Tax liability of a corporation is actually reduced on a “with and without” basis (as a result of a deduction, entitlement to refund, credit, offset or otherwise, whether available in the current Taxable Year, or as an adjustment to taxable income in any other Taxable Year or as a carryforward or carryback, and including the effect of such reduction on other Taxes), plus any interest received with respect to any related Tax refund. “Taxing Authority” — the IRS and any other domestic or foreign governmental authority responsible for the administration of any Tax. “Tax Practices” — the most recently applied policies, ...
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Separate Return Basis the Tax liability for the Services Group (or any Services Member) calculated with Services as the common parent of the Affiliated Group and without regard to any Host Marriott Members.
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Related to Separate Return Basis

  • Separate Return means (a) in the case of any Tax Return of any member of the SpinCo Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the Parent Group and (b) in the case of any Tax Return of any member of the Parent Group (including any consolidated, combined or unitary return), any such Tax Return that does not include any member of the SpinCo Group.

  • SpinCo Separate Return means any Tax Return of or including any member of the SpinCo Group (including any consolidated, combined, or unitary return) that does not include any member of the Parent Group.

  • Joint Return means any Return of a member of the Parent Group or the SpinCo Group that is not a Separate Return.

  • 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 .

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • Combined Return means any Tax Return (other than for Federal Income Taxes) filed on a consolidated, combined (including nexus combination, worldwide combination, domestic combination, line of business combination or any other form of combination), unitary or Group Relief basis that includes activities of members of the ESG Group or the KBR Group, or both, as the case may be.

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

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

  • 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.

  • Distribution Taxes means any Taxes incurred solely as a result of the failure of the Intended Tax Treatment of the Restructuring, the Contribution or the Distribution.

  • Corporate Taxpayer Return means the federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year.

  • Current Return means the minimum fair combined rate of return on common equity required for

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

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

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

  • Tax Package has the meaning assigned in Section 6.01(b);

  • Tax Period means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law.

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

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • Straddle Tax Period means a Tax period that begins on or before the Closing Date and ends thereafter.

  • Taxable income means, in the case of an individual, federal adjusted gross income determined without regard to 26 U.S.C. § 168(k) and:

  • Basis Adjustment means a portion of the tax basis of an Original Asset, equal to the Basis Adjustment attributable to such Original Asset immediately prior to such Section 732 Event, including, for this purpose, any increase in the basis of an Original Asset pursuant to Section 1012 of the Code and Revenue Ruling 99-6, 1999-1 C.B. 432, due to an Exchange that causes the Partnership to become an entity that is disregarded as separate from its owner for tax purposes.

  • Tax Expense means, for any period, the tax expense (including federal, state, provincial, local, foreign, franchise, excise and foreign withholding taxes) of the Loan Parties and their Subsidiaries, including any penalties and interest relating to any tax examinations for such period, determined on a consolidated basis in accordance with GAAP.