Common use of Closing of the Books Clause in Contracts

Closing of the Books. The taxable year of the Company will close on the Closing Date for Tax purposes pursuant to Section 708 of the Code, and that items of income, deduction or credit will be allocated between the taxable period ending on the Closing Date and the taxable period beginning after the Closing Date based on a "closing of the books" of the Company on the Closing Date.