Alternative Minimum Tax. In any year in which alternative minimum tax (AMT) is payable by the Group, the consolidated tax shall be separated into two parts: regular tax and AMT.
(1) Regular tax shall be allocated in accordance with the general allocation method set forth in section 2, above.
(2) AMT will be allocated to each member of the Group based on the proportion of:
(A) the excess of its separate company tentative minimum tax over its separate company regular tax liability, to
(B) the aggregate of the excesses of such companies' tentative minimum tax amounts over their regular tax liability amounts.
(3) Each member whose regular tax liability exceeds its tentative minimum tax on a separate company basis shall be excluded from this calculation and shall not be impacted by the Group's AMT liability.
(4) The minimum tax credit shall be allocated to the members of the Group to which the associated AMT was allocated, in proportion to the associated AMT allocated to such members.
Alternative Minimum Tax. Each Subsidiary shall be required to pay to Holding, as its share of any alternative minimum tax imposed on the Holding Group pursuant to Section 55 of the Code, an amount of such liability that Holding shall allocate to each Subsidiary, provided that any such amounts so allocated pursuant to this Section 5 shall be allocated by Holding in a manner that is equitable and is consistent with Section 55 and Section 1502 of the Code, and the Treasury Regulations promulgated thereunder, including any amendments thereto and consistent with the allocations of tax liability pursuant to Section 1 hereof.
Alternative Minimum Tax. (i) If the Hypothetical Common Stock/Wireless Affiliated Group has a consolidated federal AMT liability for such taxable period, then (I) if the Wireless Group has Allocated Taxable Income for AMT purposes ("AMTI"), Wireless, as agent for the Wireless Group, shall pay AT&T the AMT attributable to the Wireless Group's AMTI for the taxable period and (II) if the Wireless Group has an Allocated Taxable Loss for AMT purposes ("AMTL"), AT&T shall pay Wireless, as agent for the Wireless Group, the amount by which the Hypothetical Common Stock/Wireless Affiliated Group's AMT liability would be reduced for the taxable period by reason of the Wireless Group's AMTL.
(ii) If the Hypothetical Common Stock/Wireless Affiliated Group has an NOL for consolidated federal AMT purposes ("AMT NOL") for such taxable period, then (I) if the Common Stock Group and the Wireless Group each have AMTLs, the federal AMT refund or other Tax benefit arising from the consolidated federal AMT NOL (and any payment from the Liberty Group in respect of Liberty Group alternative minimum taxable income with respect to such taxable period (a "Liberty AMT Sharing Payment")) shall be shared between the Common Stock Group and the Wireless Group in proportion to their respective AMTLs for the taxable period, (II) if the Wireless Group has an AMTL and the Common Stock Group has AMTI, then AT&T shall pay Wireless, as agent for the Wireless Group, the amount, if any, by which the Hypothetical Common Stock/Wireless Affiliated Group's consolidated federal AMT for the
(iii) Any Tax benefit arising from a utilization by the Hypothetical Common Stock/Wireless Affiliated Group of a consolidated federal AMT credit shall be allocated to the Group which paid the AMT that generated such AMT credit. The AMT credit will be treated as used on a "FIFO" basis.
(iv) The principles set forth in subparagraphs (i)-(iii) above shall apply, mutatis mutandis, with respect to any Joint Return for a state, local or foreign jurisdiction that imposes an AMT, unless otherwise agreed with or mandated by a specific jurisdiction.
Alternative Minimum Tax. This Section 4 shall be applied without regard to the alternative minimum tax and the alternative minimum tax credit provisions of Sections 53 and 55 through 59 of the Code; provided, however, that this Section 4 shall apply to any credit under Section 53 of the Code arising out of the payment of alternative minimum tax under Section 55 of the Code with respect a Tax Year, or portion thereof, ending on or before the IPO Closing Date. For purposes of Section 4.2(a), TODCO will be deemed to use or absorb any credit under Section 53 of the Code that is a Pre-IPO Tax Asset only after it has used or absorbed all other available credits under Section 53 of the Code.
Alternative Minimum Tax. 2.1 If the Allstate Group has an alternative minimum tax ("AMT") liability for any year, such liability shall be allocated to each member according to the ratio of (i) the excess of any member's separate return tentative minimum tax for the year (whether such amount is positive or negative) over the member's separate return regular tax for such year (whether such amount is positive or negative) to (ii) the sum of such excess amounts for all members of the group. In determining each member's tentative minimum tax and regular tax, the adjustments provided in section 1.2 of this Agreement shall be made.
2.2 AMT credits originating in a tax year shall be allocated to each member according to the amount of AMT liability allocated for such year. Utilization of such credits shall be determined on a FIFO basis (i.e., AMT credits from the earliest available year shall be deemed utilized before credits from a later year are utilized). If only part of the amount of AMT paid for any year is utilized as a credit, such amount shall be allocated to the members in proportion to the amounts of AMT liability allocated to members for such year.
Alternative Minimum Tax. If any taxable item of income or gain is computed differently from the taxable item of income or gain which results for purposes of the alternative minimum tax, then to the extent possible, without changing the overall allocations of items for purposes of either the Partners' Capital Accounts or the regular federal income tax (i) each Partner will be allocated items of taxable income or gain for alternative minimum tax purposes taking into account the prior allocations of originating tax preferences or alternative minimum tax adjustments to such Partner (and its predecessors) and (ii) other Partnership items of income or gain for alternative minimum tax purposes of the same character that would have been recognized, but for the originating tax preferences or alternative minimum tax adjustments, will be allocated away from those Partners that are allocated amounts pursuant to clause (i) so that, to the extent possible, the other Partners are allocated the same amount, and type, of alternative minimum tax income and gain that would have been allocated to them had the originating tax preferences or alternative minimum tax adjustments not occurred.
Alternative Minimum Tax. The Code imposes an alternative minimum tax in order to assure that taxpayers may not reduce their tax below a minimum level through certain "tax preference items." In general, the alternative minimum tax liability of a noncorporate taxpayer is calculated by (1) adding together the taxpayer's adjusted gross income and the taxpayer's tax preference items, (2) adding and subtracting certain other specified items, and (3) then subtracting the applicable exemption of $40,250 for single taxpayers, $58,000 for married taxpayers filing joint returns, $29,000 for married taxpayers filing separate returns, or $22,500 for estates and trusts. Married taxpayers filing separate returns must also add to that total an amount equal to the lesser of (a) 25% of the sum determined under clauses (1) and (2) above, in excess of $191,000, or (b) $29,000. The total amount determined in the preceding two sentences (the "Taxable Excess") is then taxed at the following rates: all taxpayers other than married individuals filing separate returns are taxed at 26% of the first $175,000 of the Taxable Excess and at 28% of any additional Taxable Excess, reduced by any applicable foreign tax credit; while married individuals filing separate returns are taxed at 26% of the first $87,500 of the Taxable Excess and at 28% of any additional Taxable Excess, reduced by any applicable foreign tax credit. These rates are subject, however, to the 15% maximum tax rate on long-term capital gains (and qualified dividends). The taxpayer must then pay the greater of the alternative minimum tax or the regular income tax. Generally, no tax credits (other than the foreign tax credit) are allowable against the alternative minimum tax. Under the Code, the exemptions listed in clause (3) above are phased out where alternative minimum taxable income exceeds $150,000 ($112,500 for single persons and $75,000 for estates, trusts and married persons filing separately). Alternative minimum tax preference items and adjustments which only result in a deferral of tax rather than a permanent reduction may give rise to a credit against regular tax payable by Investors in future years. Although an investment in the fund is unlikely to cause an individual Investor to report preference items, the intangible drilling deductions ("IDC") allocated to such Investor by the Fund may increase his or her alternative minimum taxable income ("AMTI"). A taxpayer who is not an integrated oil company may not reduce AMTI by more than 40...
Alternative Minimum Tax. Each Member shall be charged for its alternative minimum tax liability or credited for its minimum tax credit utilized. The alternative minimum tax liability or minimum tax credit utilized by a Member is calculated as follows:
(a) Step 2A: Tentative Minimum Tax. Calculate the tentative minimum tax of each Member. The tentative minimum tax of a Member is equal to the alternative minimum taxable income or loss of the Member multiplied by 20%, minus the portion of the consolidated alternative minimum tax foreign tax credit attributable to the Member. The alternative minimum taxable income or loss of a Member shall be computed on the basis of the Member’s taxable income as determined in Step 1 above adjusted to take into account (i) the adjustments and preferences provided in Code Sections 56 (excluding the Code Section 56(g) adjustment relating to ACE), 57, and 58, (ii) the portion of the consolidated ACE adjustment under Proposed Treasury Regulation Section 1.1502-55(b)(3) attributable to such Member, and (iii) the portion of the consolidated ATNOL deduction under Proposed Treasury Regulation Section 1.1502-55(b)(4) attributable to such Member. The sum of the tentative minimum tax of all Members shall be equal to the consolidated AMT of the group as defined in Proposed Treasury Regulation Section 1.1502-55(a)(1).
Alternative Minimum Tax. Notwithstanding the provisions of Sections 2.2 and 2.3 of this Agreement, in the event that the Group must pay the federal alternative minimum tax pursuant to Code Section 55, SubGroup will be charged by the Parent with its separate share of the total alternative minimum tax liability of the Group that reflects the alternative minimum taxable income resulting from the federal alternative minimum tax attributes of SubGroup based upon the Separate Alternative Minimum Taxable Income calculated for SubGroup.
Alternative Minimum Tax. The principles of this agreement also shall apply for purposes of determining the alternative minimum tax liability of Evenflo and the Evenflo United States Subsidiaries for all taxable years or periods ending on or before the Disaffiliation Date.
