DISALLOWANCE OF DEDUCTIONS Sample Clauses

The Disallowance of Deductions clause prevents a party from claiming certain expenses or costs as deductions, typically for the purpose of calculating payments, reimbursements, or tax liabilities under the agreement. In practice, this clause may specify that particular types of expenses—such as fines, penalties, or non-compliant costs—cannot be subtracted from gross amounts owed or reported. Its core function is to ensure that only eligible and appropriate expenses are considered, thereby protecting the financial interests of the parties and maintaining compliance with relevant laws or contractual terms.
DISALLOWANCE OF DEDUCTIONS. Notwithstanding any other provisions of this Agreement, in the event that any fees paid to the General Partner or its affiliates pursuant to this Agreement or any Schedule hereto, and deducted by the Partnership in reliance on Section 707(a) and/or 707(c) of the Internal Revenue Code of 1986, as amended (Code) are disallowed as deductions to the Partnership on its federal income tax return and treated as Partnership distributions, the General Partner shall be allocated items of Partnership income, if any, in the year such fees were paid, equal to the amount of such fees for which deductions were disallowed. In such event, the amounts paid to the General Partner shall be deemed to be partnership distributions and not fee payments.
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DISALLOWANCE OF DEDUCTIONS. Notwithstanding any other provisions of this Agreement, in the event that any fees paid to the General Partner or its affiliates pursuant to this Agreement and deducted by the Partnership in reliance on Section 707(a) and /or Section 707(c) of the Internal Revenue Code of 1986, as amended (the Code), are disallowed as deductions to the Partnership on its federal income tax return and treated as Partnership distributions, the General Partner shall be allocated items of Partnership income, if any, in the year such fees were paid, equal to the amount of such fees for which deductions were disallowed.
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DISALLOWANCE OF DEDUCTIONS. No rents, interest, annual payments, emoluments, management or service fees or charges or other sums of an income nature (including benefits in kind) paid or provided by the Company since the Accounts Date or which the Company is under an obligation to pay or provide in the future are or may under the law currently in force be wholly or partially disallowable as deductions or charges in computing profits or against profits for the purposes of corporation tax by reason of any statutory provision relating to Taxation.
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DISALLOWANCE OF DEDUCTIONS. All rents, interest, annual payments and other sums of an income nature paid or payable by any Group Company or which any Group Company is under an obligation to pay in the future are wholly allowable as deductions or charges in computing income for the purposes of corporation tax and, in particular, are not disallowable by reason of any of the following provisions of Taxes Act: (a) section 74 (general rules as to deductions which are not allowable); (b) section 125 (annual payment for non-taxable consideration); (c) section 338 (allowance of charges on income); (d) section 770 (sales etc. at an undervalue or an overvalue); (e) section 779 (sale and lease-back; limitation on tax reliefs); or (f) section 787 (restriction of relief for payments of interest), provided that this sub-paragraph shall relate only to such payments or transfers by the Company as in aggregate exceed (pound)25,000.
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DISALLOWANCE OF DEDUCTIONS. Seller has not made any payment to, or provided any benefit for, any of its employees which would not be allowable as a deduction in computing the profits of Seller for corporation tax purposes.
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Related to DISALLOWANCE OF DEDUCTIONS

  • Disallowance If the Contractor claims or receives payment for a service or reimbursement that is later disallowed by the Judicial Council, the Contractor shall promptly refund the disallowed amount upon the Judicial Council's request. At its option, the Judicial Council may offset the amount disallowed from any payment due or that may become due to the Contractor under this Agreement or any other agreement.

  • Disallowed Costs The Contractor is responsible for any audit exceptions or disallowed costs incurred by its own organization or that of its Subcontractors.

  • Carrybacks Except to the extent otherwise consented to by Parent or prohibited by applicable law, each Spinco shall elect to relinquish, waive or otherwise forgo all Carrybacks. In the event that a Spinco (the “Carryback Spinco”), or the appropriate member of its respective Spinco Group, is prohibited by applicable law to relinquish, waive or otherwise forgo a Carryback (or Parent consents to a Carryback), (i) each Party shall cooperate with the Carryback Spinco, at the Carryback Spinco’s expense, in seeking from the appropriate Tax Authority such Refund as reasonably would result from such Carryback, and (ii) the Carryback Spinco shall be entitled to any Income Tax Benefit Actually Realized by a member of another Group (including any interest thereon received from such Tax Authority), to the extent that such Refund is directly attributable to such Carryback, within 15 Business Days after such Refund is Actually Realized; provided, however, that the Carryback Spinco shall indemnify and hold the members of the other Party’s Group harmless from and against any and all collateral tax consequences resulting from or caused by any such Carryback, including (but not limited to) the loss or postponement of any benefit from the use of tax attributes generated by a member of the other Party’s Group or an Affiliate thereof if (x) such tax attributes expire unutilized, but would have been utilized but for such Carryback, or (y) the use of such tax attributes is postponed to a later taxable period than the taxable period in which such tax attributes would have been utilized but for such Carryback. If there is a Final Determination that results in any change to or adjustment of an Income Tax Benefit Actually Realized by a member of the other Party’s Group that is directly attributable to a Carryback, then the other Party (or its designee) shall make a payment to the Carryback Spinco, or the Carryback Spinco shall make a payment to the other Party (or its designee), as may be necessary to adjust the payments between the Carryback Spinco and the other Party (or its designee) to reflect the payments that would have been made under this Section 7(b) had the adjusted amount of such Income Tax Benefit been taken into account in computing the payments due under this Section 7(b).

  • INDEMNIFICATION FOR DAMAGES, TAXES AND CONTRIBUTIONS CONTRACTOR shall exonerate, indemnify, defend, and hold harmless COUNTY (which for the purpose of paragraphs 5 and 6 shall include, without limitation, its officers, agents, employees and volunteers) from and against: A. Any and all claims, demands, losses, damages, defense costs, or liability of any kind or nature which COUNTY may sustain or incur or which may be imposed upon it for injury to or death of persons, or damage to property as a result of, arising out of, or in any manner connected with the CONTRACTOR'S performance under the terms of this Agreement, excepting any liability arising out of the sole negligence of the COUNTY. Such indemnification includes any damage to the or of CONTRACTOR and third persons. B. Any and all Federal, State and Local taxes, charges, fees, or contributions required to be paid with respect to CONTRACTOR and CONTRACTOR'S officers, employees and agents engaged in the performance of this Agreement (including, without limitation, unemployment insurance, social security and payroll tax withholding).

  • Other Deductions The District shall, upon receipt of authorization from an employee, deduct from the employee’s salary and make appropriate remittance for approval insurance plans as noted in Article III, Section 13, tax-sheltered annuities, United Way, or any other plans or programs approved by the Board.