Adjustment of Tax Liability. In the event that the consolidated federal or state income tax liability for any year is redetermined subsequent to the allocation of the consolidated tax liability reported for that tax year, the redetermined tax liability shall be allocated pursuant to this Agreement as if the adjustments and modifications related to the redetermination had been a part of the original return. In the case of a negotiated adjustment not involving an item-by-item modification of the consolidated return, the amount of the adjustment shall be distributed in an appropriate and reasonable manner. Any interest or penalties associated with the underpayment or overpayment of tax shall be allocated based on the allocation of the underlying underpayment or overpayment of tax.
Appears in 5 contracts
Samples: Tax Allocation Agreement (Public Service Co of New Hampshire), Tax Allocation Agreement (Northeast Utilities), Tax Allocation Agreement (Northeast Generation Co)
