Determination of Separate Return Tax Liability Sample Clauses

The Determination of Separate Return Tax Liability clause defines how the tax liability of each party will be calculated as if they had filed their tax returns separately, rather than jointly or as part of a consolidated group. In practice, this clause outlines the method for allocating income, deductions, credits, and other tax items to each party, often using hypothetical calculations based on separate return scenarios. Its core function is to ensure a fair and clear allocation of tax responsibilities, particularly in situations such as mergers, acquisitions, or the unwinding of consolidated tax groups, thereby preventing disputes over tax payments and liabilities.
Determination of Separate Return Tax Liability. For each taxable period during which Cavco is a member of the Group, the Separate Return Tax Liability of the Cavco Group shall mean the hypothetical federal, state or local income tax liability (computed without regard to any consolidated credit, capital loss or net operating loss deduction allocated under the Regulations under Section 1502 of the Code to one or more members of the Cavco Group, to the extent that (i) such credit or loss becomes allocable as a carryover for the first taxable year of the Cavco Group beginning on or after the date
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Determination of Separate Return Tax Liability. For each Taxable period during which a Joint Return is filed in any Tax jurisdiction, the Separate Return Tax Liability of the Digital Group for such Tax jurisdiction shall mean the hypothetical federal, state, local or foreign Tax liability (computed without regard to any credit or net operating loss deduction) determined as if the Digital Group had filed a separate consolidated, combined or unitary Tax return for the applicable period in such Tax jurisdiction and its income were taxable at the highest corporate tax rate in effect for such period; provided, however, that the Consolidated Return Regulations (or any similar provisions of state, local or foreign Tax law) and the Joint Returns filed by the Affiliated Group in such Tax jurisdiction shall determine the timing of the recognition of Tax Items with respect to DITS and the determination of which Legal Entity shall bear the Tax benefit or burden of such Tax Items, and the Digital Group shall be responsible for the Tax Items recognized by its respective members with respect to any DITS. If the computation of the Separate Return Tax Liability of the Digital Group pursuant to this Section 3 for a Taxable period does not result in positive Tax liability, then for purposes of Section 2 hereof the Separate Return Tax Liability of the Digital Group shall be deemed to be zero, and any net operating loss or Tax credit of the Digital Group for such period shall be taken into account only as otherwise provided herein. The determination of the Separate Return Tax Liability of the Digital Group shall be made by Liberty and such determination shall be conclusive for purposes hereof.
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Determination of Separate Return Tax Liability 
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Related to Determination of Separate Return Tax Liability

  • Tax Liability The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

  • Income Tax Liability Within ten (10) Business Days after the receipt of revenue agent reports or other written proposals, determinations or assessments of the IRS or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the Tax liability of, or assess or propose the collection of Taxes required to have been withheld by, the Borrower which equal or exceed $100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof;

  • Income Taxes The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * EXHIBIT G-2 FORM OF TRANSFEROR CERTIFICATE __________ , 20__ Residential Funding Mortgage Securities I, Inc. 8400 Normandale ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ [▇▇▇▇▇▇▇] ▇▇▇ention: Residential Funding Corporation Series _______ Re: Mortgage Pass-Through Certificates, Series ________, Class R[-__] Ladies and Gentlemen: This letter is delivered to you in connection with the transfer by _____________________ (the "Seller") to _____________________(the "Purchaser") of $______________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to Section 5.02 of the Series Supplement, dated as of ________________, to the Standard Terms of Pooling and Servicing Agreement dated as of ________________ (together, the "Pooling and Servicing Agreement") among Residential Funding Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding Corporation, as master servicer, and __________, as trustee (the "Trustee"). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

  • Allocation of Tax Liabilities The provisions of this Section 2 are intended to determine each Company's liability for Taxes with respect to Pre-Distribution Periods. Once the liability has been determined under this Section 2, Section 5 determines the time when payment of the liability is to be made, and whether the payment is to be made to the Tax Authority directly or to another Company.

  • Determination of Excise Tax Liability Unless the Company and the Executive otherwise agree in writing, the Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6. The Company will have no liability to the Executive for the determinations of the Firm.