Common use of Computation of Tax Liabilities Clause in Contracts

Computation of Tax Liabilities. To the extent permitted or required by law or administrative practice, the taxable year of the Company which includes the Closing Date shall be treated as ending on (and including) the Closing Date. Where it is necessary for purposes of this Section 6.12 to apportion between the ESOP and Purchaser the Taxes of the Company for a Straddle Period (which is not treated under the immediately preceding sentence as ending on the Closing Date), such liability shall be apportioned between the period deemed to end at the close of the Closing Date, and the period deemed to begin at the beginning of the day following the Closing Date on the basis of an interim closing of the books, except that Taxes (such as real or personal property Taxes) imposed on a periodic basis shall be allocated on a daily basis.

Computation of Tax Liabilities. To the extent permitted or required by law applicable Law or administrative practice, the taxable year of the Company which includes the Closing Date shall be treated as ending closing on (and including) the Closing Date. Where it is necessary for For purposes of this Section 6.12 to apportion apportioning between the ESOP Seller and the Purchaser the Taxes of the Company or with respect to the assets of the Company for a Straddle Period (which is not treated under the immediately preceding sentence as ending closing on the Closing Date), such liability shall be apportioned between the period deemed to end ending at the close of the Closing Date, and the period deemed to begin beginning at the beginning of the day following the Closing Date on the basis of an interim closing of the books, except that Taxes (such as real or personal property Taxes) imposed on a periodic basis shall be allocated on a daily basis.