Tax shortfall definition

Tax shortfall. , for a return period, means the difference between the tax effect of—

Tax shortfall has the meaning set forth in section 7.2.5.

Tax shortfall in accordance with Section 46 means that tax liability for a person computed on the basis of the statement is less that it would have been if the statement had not been false or misleading.6 Note that section 46A has the same meaning.

Examples of Tax shortfall in a sentence

• Licensee shall pay the appropriate tax authority an additional amount in cash equal to the Tax Shortfall but in no event shall such payment, including the Initial Tax Payment, exceed the Maximum Tax Payment.

• To the extent the cash reserves at Closing are less than $700,000 for any reason other than the Tax Shortfall (the "Shortfall), the Purchase Price shall be reduced, and specifically the Closing Cash Payment shall be reduced by the amount of the Shortfall.

• The Parties agree that the fact that the owners of individual condominium units in the Condominium Project are no longer required to make their condominium units available for rental to the general public shall not operate to release the Resort LLC from its obligation to pay the Guaranteed Room Tax Payment and the Room Tax Shortfall.

• Tax Distributions shall be treated as preliminary distributions of, and shall offset, future distributions by the Company to the Members pursuant to (or made by reference to) Section 7.1.1(a) or Section 10.2.3. If Available Cash is not sufficient to pay the entire amount of the Tax Distribution in any Fiscal Year in respect of all outstanding Units, any Available Cash shall be distributed to the Members, pro rata in proportion to the Tax Shortfall of each Member.

• If Buyer and the Shareholders disagree as to the amount of Taxes for which each is liable under this Agreement or the amount of any Tax Shortfall, Buyer and the Shareholders shall promptly consult each other in an effort to resolve such dispute.

More Definitions of Tax shortfall

Tax shortfall means underpayment of tax which in the Commissioner General’s opinion may have resulted into inaccuracy statement had it gone undetected;

Tax shortfall shall have the meaning specified in Section 2.4(b).

Tax shortfall for these purposes shall mean with respect to each Member the amount, if any, of (i) the aggregate Federal, state and local tax income tax liabilities attributable to all allocations of net taxable income and gain (not including amounts treated as guaranteed payments), net of the tax benefit of allocations of Company loss, deduction and credit, to the Member for such Fiscal Year, as determined in good faith by the Manager on the basis of the Assumed Tax Rate, reduced (but not to an amount below zero) by (ii) all distributions made to the Member by the Company during such Fiscal Year pursuant to Section 7.1.1(a) (including amounts distributed under this Section 7.1.1(b) treated as distributions of amounts under Section 7.1.1(a)). Tax Distributions shall be made quarterly (on or about fifteen (15) days prior to the earliest estimated tax due date (determined without reference to any extension thereof)) applicable to any Member at such time in amounts intended to match the Members’ estimated tax liabilities. Upon the filing of the Company’s tax return for such Fiscal Year, (a) the Company shall distribute to each Member the amount of any deficiency in the Tax Distributions for such Fiscal Year or (b) the amount of any excess Tax Distributions for such Fiscal Year shall be credited against future Tax Distributions or, if requested by the Manager, promptly returned to the Company. Tax Distributions shall be treated as preliminary distributions of, and shall offset, future distributions by the Company to the Members pursuant to (or made by reference to) Section 7.1.1(a) or Section 10.2.3. If Available Cash is not sufficient to pay the entire amount of the Tax Distribution in any Fiscal Year in respect of all outstanding Units, any Available Cash shall be distributed to the Members, pro rata in proportion to the Tax Shortfall of each Member.

Tax shortfall with respect to a calendar year shall equal the excess, if any, of the aggregate of the Tax Amount with respect to that year over the distributions made pursuant to Section 5.1 with respect to that year.

Tax shortfall has the meaning specified in Section 11.4.

Tax shortfall means any Taxes that are imposed on, assessed against, or collected from a Purchased Corporation (or for which any Purchased Corporation may otherwise be liable) in respect of a Vendor Tax Period that are not included as a liability in the Closing Net Working Capital Statement (excluding any reserve for future income taxes/deferred Taxes established to reflect timing differences between book and Tax income), except for the following:

Tax shortfall has the meaning set forth in Section 6.07(b).