Common use of Allocation of Taxable Income Clause in Contracts

Allocation of Taxable Income. The Fund may, at its option, designate all or a portion of any dividend on the APS to consist of net capital gains or other income taxable for federal income tax purposes by delivering to the Auction Agent a notice in the form of Exhibit K hereto of such designation 15 days prior to the Auction Date on which the Applicable rate for such dividend is to be fixed. The Auction Agent will deliver such notice to the Broker-Dealers for such series on the Business Day following its receipt of such notice from the Fund. Within two Business Days after any Auction Date involving the allocation of income taxable for federal income tax purposes, or retroactively allocates income taxable for federal income tax purposes as provided in the APS Provisions, the Auction Agent shall notify each Broker-Dealer for the APS as to the dollar amount per share of such taxable income and income exempt from federal income taxation included in the related dividend.

Appears in 3 contracts

Samples: Auction Agency Agreement (Van Kampen Trust for Investment Grade New York Municipals), Auction Agency Agreement (Van Kampen Trust for Investment Grade New Jersey Municipals), Auction Agency Agreement (Van Kampen Trust for Investment Grade Florida Municipals)

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Allocation of Taxable Income. The Fund may, at its option, may designate all or a portion of any dividend on the shares of any series of APS to consist of net capital gains or other income taxable for federal Federal income tax purposes by delivering and may deliver to the Auction Agent a notice in the form of Exhibit K hereto of such designation 15 days prior to not later than the Dividend Payment Date for such series next preceding the Auction Date on which the Applicable dividend rate for such dividend is to be fixed. The Auction Agent will deliver such notice notice, if given, to the Broker-Dealers for such series on the Business Day following its receipt of such notice from the Fund. Within two Business Days after any Auction Date involving the allocation of income taxable for federal income tax purposes, or retroactively allocates income taxable for federal Federal income tax purposes as provided in for which notice has so been given by the APS ProvisionsFund, the Auction Agent shall notify each Broker-Dealer for the APS related series as to the dollar amount per share of such taxable income and income exempt from federal Federal income taxation included in the related dividend.

Appears in 2 contracts

Samples: Auction Agency Agreement (Blackrock Florida Municipal 2020 Term Trust), Auction Agency Agreement (Blackrock Municipal 2020 Term Trust)

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Allocation of Taxable Income. The Fund may, at its option, designate all or a portion of any dividend on the shares of any series of APS to consist of net capital gains or other income taxable for federal income tax purposes by delivering to the Auction Agent a notice in the form of Exhibit K hereto of such designation 15 days prior to the Auction Date on which the Applicable rate Rate for such dividend is to be fixed. The Auction Agent will deliver such notice to the Broker-Dealers for such series on the Business Day following its receipt of such notice from the Fund. Within two Business Days after any Auction Date involving the allocation of income taxable for federal income tax purposes, or if the Fund retroactively allocates income taxable for federal income tax purposes as provided in the APS Provisions, the Auction Agent shall notify each Broker-Dealer for the APS related series as to the dollar amount per share of such taxable income and income exempt from federal income taxation included in the related dividend.

Appears in 1 contract

Samples: Auction Agency Agreement (Van Kampen Municipal Opportunity Trust)

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