ADJUSTMENTS UNDER SECTION 481 Sample Clauses
The "Adjustments Under Section 481" clause outlines the requirement for taxpayers to make specific accounting adjustments when there is a change in their method of accounting, as mandated by Section 481 of the Internal Revenue Code. In practice, this clause ensures that any income or deductions that would have been recognized in prior years under the new accounting method are properly accounted for in the year of change, preventing duplication or omission of income or expenses. Its core function is to maintain consistency and accuracy in tax reporting by smoothing the transition between accounting methods and preventing distortions in taxable income.
ADJUSTMENTS UNDER SECTION 481. The Company will not be required, as a result of a change in method of accounting for any period ending on or before the Closing Date, to include any adjustment under Section 481(c) of the Code (or any similar or corresponding provision or requirement under any Tax law) in taxable income for any period ending on or after the Closing Date.
ADJUSTMENTS UNDER SECTION 481. The Company has not agreed to make nor is it required to make, any adjustment under Section 481(a) of the Code by reason of a change in accounting methods or otherwise.
ADJUSTMENTS UNDER SECTION 481. Neither ABI nor any of its Subsidiaries will be required, as a result of a change in method of accounting for any period ending on or before the Closing Date other than as a result of the transactions contemplated by this Agreement, to include any adjustment under Section 481(c) of the Code (or any similar or corresponding provision or requirement under any Tax law) in taxable income for any period ending on or after the Closing Date.
ADJUSTMENTS UNDER SECTION 481. Neither BUYER nor any of its Subsidiaries will be required, as a result of a change in method of accounting for any period ending on or before the Closing Date, to include any adjustment under Section 481(c) of the Code (or any similar or corresponding provision or requirement under any Tax law) in taxable income for any period ending on or after the Closing Date.
ADJUSTMENTS UNDER SECTION 481. PRO DUCT will not ----------------------------- be required, as a result of a change in method of accounting for any period 481. ending on or before the Closing Date, to include any adjustment under Section 481(c) of the Code (or any similar or corresponding provision or requirement under any Tax law) in taxable income for any period ending on or after the Closing Date.
ADJUSTMENTS UNDER SECTION 481. Neither ABI nor any of its Subsidiaries will be required, as a result of a change in method of accounting for any period ending on or before the Closing Date other than as a result of the transactions contemplated by this Agreement, to include any adjustment under Section 481(c) of the Code (or any similar or corresponding provision or requirement under any Tax law) in taxable income for any period ending on or after the Closing Date.