Authority of General Partner to Make Tax Elections Sample Clauses

Authority of General Partner to Make Tax Elections. The General Partner will be entitled to make or execute elections under the Tax Act, and any other applicable taxation legislation that relate to a Fiscal Year on behalf of the Partnership and the Limited Partners and will have the authority to act for the Partnership in connection therewith.
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Authority of General Partner to Make Tax Elections. The General Partner shall be responsible for all tax matters (including objecting to, contesting and/or settling tax disputes relating to the Partnership) and tax elections of the Partnership under the Tax Act or any other taxation legislation and, without limiting the foregoing, the General Partner will be entitled, and is hereby specifically authorized by all Limited Partners, to make or execute any election, determination, designation, returns, objection, notice of objection or other similar documents or instruments under the Tax Act and applicable provincial or foreign taxation legislation that relate to a Fiscal Year that the General Partner determines to be in the interest of the Partnership on behalf of all Persons who are Limited Partners or who are the beneficial owners of LP Units during the Fiscal Year and will have the authority to act for the Partnership in connection therewith.
Sample 1
Authority of General Partner to Make Tax Elections. The REIT GP shall be responsible for all tax matters (including objecting to, contesting and/or settling tax disputes relating to the Partnership) and tax elections of the Partnership under the Tax Act or any other taxation legislation and, without limiting the foregoing, the REIT GP will be entitled, and is hereby specifically authorized by all Limited Partners, to make or execute any election, determination, designation, returns, objection, notice of objection or other similar documents or instruments under the Tax Act and applicable provincial or foreign taxation legislation that relate to a Fiscal Year that the REIT GP determines to be in the interest of the Partnership on behalf of all Persons who are Limited Partners or who are the beneficial owners of LP Units during the Fiscal Year and will have the authority to act for the Partnership in connection therewith.
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Related to Authority of General Partner to Make Tax Elections

  • Income Tax Elections In the event of a distribution of property made in the manner provided under Section 734 of the Code, or in the event of a transfer of any Partnership Interest permitted by this Agreement made in the manner provided in Section 743 of the Code, the General Partner, on behalf of the Partnership, may, but shall not be required to, file an election under Section 754 of the Code in accordance with the procedures set forth in the applicable regulations promulgated thereunder.

  • DAC Tax Election The Ceding Company and the Reinsurer make an election pursuant to Treasury Regulation Section 1.848-2 (g) (8) of the Income Tax Regulations issued December, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended, and agree to the terms stipulated in Schedule G – DAC Tax Schedule.

  • Certain Tax Elections The Company shall not file any election pursuant to Regulations Section 301.7701-3(c) to be treated as an entity other than a partnership. The Company shall not elect, pursuant to Code Section 761(a), to be excluded from the provisions of subchapter K of the Code.

  • Tax Elections Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code, including the election under Section 754 of the Code. The General Partner shall have the right to seek to revoke any such election (including without limitation, any election under Section 754 of the Code) upon the General Partner’s determination in its sole and absolute discretion that such revocation is the best interests of the Partners.

  • SPECIAL TAX ELECTION The acquisition of the Purchased Shares may result in adverse tax consequences which may be avoided or mitigated by filing an election under Code Section 83(b). Such election must be filed within thirty (30) days after the date of this Agreement. A description of the tax consequences applicable to the acquisition of the Purchased Shares and the form for making the Code Section 83(b) election are set forth in Exhibit II. OPTIONEE SHOULD CONSULT WITH HIS OR HER TAX ADVISOR TO DETERMINE THE TAX CONSEQUENCES OF ACQUIRING THE PURCHASED SHARES AND THE ADVANTAGES AND DISADVANTAGES OF FILING THE CODE SECTION 83(b) ELECTION. OPTIONEE ACKNOWLEDGES THAT IT IS OPTIONEE'S SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF OPTIONEE REQUESTS THE CORPORATION OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS OR HER BEHALF.

  • Amended Tax Returns Buyer shall not, and shall not cause or permit any of its Affiliates, the Company, or the Acquired Subsidiary to (i) amend any Tax Return of the Company or the Acquired Subsidiary that covers a Pre-Closing Tax Period or (ii) make any Tax election that has retroactive effect to any Pre-Closing Tax Period, in each case without the prior written consent of Seller, which consent shall not be unreasonably withheld, conditioned or delayed.

  • Income Tax Return Information Each Company will provide to the other Company information and documents relating to their respective Groups required by the other Company to prepare Tax Returns. The Responsible Company shall determine a reasonable compliance schedule for such purpose in accordance with Distributing Co.'s past practices. Any additional information or documents the Responsible Company requires to prepare such Tax Returns will be provided in accordance with past practices, if any, or as the Responsible Company reasonably requests and in sufficient time for the Responsible Company to file such Tax Returns on a timely basis.

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