Current Return Filing. Each party will be responsible for the preparation and filing of all of such party's own tax returns which were due on or before the Closing, and the payment of all taxes due.
Current Return Filing. Seller shall be responsible for (a) the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns for all the tax periods of Seller ending on or before the Closing; and (b) the payment of all such taxes when due.
Current Return Filing. Seller will be responsible for (a) the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns for all the tax periods of Seller ending on or before Closing, and (b) the payment of all such taxes when due. Buyer will promptly reimburse Seller for all income and gross receipt taxes (but no penalties or assessments properly paid by Seller which relate to operations of the Business from the Effective Date through Closing.
Current Return Filing. Seller shall be responsible for the preparation and filing of the federal, state and local income tax returns for all the tax periods of Seller ending on or before the Closing. Seller shall be responsible for returns for organizations exempt from income tax for Seller and related parties for all periods ending on or before the Closing.
Current Return Filing. (1) Shareholders shall be responsible for the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns which were due on or before the Closing. Buyer shall be responsible for the preparation and filing of all such returns which relate to periods subsequent to Closing. Buyers' and Shareholders' accountants will cooperate in the preparation of such returns for the stub period ending on the date of Closing (the "Stub Returns"). Shareholders' accountants will complete the Stub Returns and deliver them to Buyers' accountants for review at least fifteen (15) days prior to the applicable required filing dates. During such fifteen (15) day period, Buyers' accountants may review and comment on the Stub Returns. The Stub Returns will not be filed until approved by both accounting firms. The Stub Returns as filed will establish an effective tax rate for the stub period. This effective tax rate will be applied to the taxable income of the Company for the period from January 1, 1996 through August 31, 1996 to establish the aggregate 1996 tax liability which is the responsibility of the Shareholders (the "Shareholders' Tax Liability").
(2) If Company writes off accounts deemed to be uncollectible in connection with fiscal year-end adjustments for the year ended December 31, 1996 and such write-offs exceed the average monthly write-offs periodically made by the Company throughout such fiscal year, the Shareholders' Tax Liability shall be reduced by an amount equal to eight-twelfths (8/12) of the tax benefit obtained by the Company as a result of the amount of the year-end write-offs which exceed such average monthly write-off. If the Shareholders' Tax Liability, as so adjusted, exceeds the tax liability of Company recorded on the Company's Interim Financial Statements and included in the Continuing Liabilities, the Shareholders shall, jointly and severally, pay the shortfall to Buyer within fifteen (15) days of the date of filing of the Stub Returns. If the adjusted Shareholders' Tax Liability is less than the tax liability recorded on the Company's Interim Financial Statements and included in the
Current Return Filing. Shareholders shall be responsible for the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns which were due on or before the Closing. Buyer shall, with Shareholders' assistance with respect to Business operations occurring prior to Closing, be responsible for the preparation and filing of all such returns which were due subsequent to Closing. Company shall pay all taxes, including any penalties or assessments thereon, for any period prior to Closing when due. Buyer shall reimburse Shareholders for all income taxes (but no
Current Return Filing. Shareholders shall be responsible for the preparation and filing of the federal, state and local income tax and gross receipts and use tax returns which were due on or before the Transaction Effective Date. Geri-Xxxe and Scripts shall, with Shareholders' assistance with respect to Business operations occurring prior to Transaction Effective Date, be responsible for the preparation and filing of all such returns which were due subsequent thereto. Shareholders shall pay all taxes, including any penalties or assessments thereon, for any period prior to the Transaction Effective Date.
Current Return Filing. Seller shall be responsible for (a) the preparation and filing of the federal, state and local income tax and gross receipts and use tax
Current Return Filing. JGM, JSM, WKM and the Partnership Shareholders will be responsible for the preparation and filing of all federal, state and local income tax and gross receipts and use tax returns of Company and Subsidiaries which are due on or before Closing. Buyer will be responsible for the preparation and filing of all such returns which relate to periods beginning subsequent to Closing. Buyer's and JGM, JSM, WKM and the Partnership Shareholders' accountants will cooperate in the preparation of such returns for the stub period ending on the date of Closing (the "Stub Returns"), and each party will pay the fees and expenses of its respective accountants. JGM, JSM, WKM and the Partnership Shareholders' accountants will complete the Stub Returns and deliver them to Buyer's accountants for review at least fifteen (15) days prior to the applicable required filing dates. During such fifteen (15) day period, Buyer's accountants may review and comment on the Stub Returns. The Stub Returns will not be filed until approved by both accounting firms. The Stub Returns, as filed, will establish an effective tax rate for the Stub Period. This effective tax rate will be applied to the taxable income of the Company for the period from September 1, 1997 through November 30, 1997 to establish the aggregate tax liability which is the responsibility of JGM, JSM, WKM and the Partnership Shareholders (the "Shareholders' Tax Liability"). If the Shareholders' Tax Liability exceeds the tax liability of Company and Subsidiaries' recorded on the Interim Financial Statements, then subject to the provisions of Article X, JGM, JSM, WKM and the Partnership Shareholders will, jointly and severally, pay the shortfall to Buyer within ten (10) days of the date of the filing of the Stub Returns.
Current Return Filing. Seller shall be responsible for the --------------------- preparation and filing of the federal, state and local income tax returns for all of the tax periods of Seller ending on or before the Closing, including returns for organizations exempt from income tax.
