Death Of Individual Before Distributions Begin Sample Clauses

Death Of Individual Before Distributions Begin. If the Individual dies before distributions begin, the Individual’s entire interest will be distributed, or begin to be distributed, no later than as follows: (a) If the Individual’s surviving Spouse is the Individual’s sole designated Beneficiary, distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Individual died, or by December 31 of the calendar year in which the Individual would have attained age 70 1/2, if later. However, if the Individual dies before distributions begin and there is a designated Beneficiary, distribution to the designated Beneficiary may not be required to begin by the date specified in this paragraph, but instead, the Individual’s entire interest may be distributed to the designated Beneficiary by December 31 of the calendar year containing the fifth (5) anniversary of the Individual’s death. If the Individual’s surviving Spouse is the Individual’s sole designated Beneficiary and the surviving Spouse dies after the Individual but before distributions to either the Individual or the surviving Spouse begin, this election may apply as if the surviving Spouse were the Individual and may apply to all distributions or only to certain distributions as so designated by the Individual. This election will be deemed to have been made if such surviving Spouse makes a contribution to the IRA or fails to take a required distribution as a Beneficiary. (b) If the Individual’s surviving Spouse is not the Individual’s sole designated Beneficiary, distributions to the designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Individual died. However, Individuals or Beneficiaries may elect on an individual basis whether the five (5) year rule or the life expectancy rule in this paragraph 19.16 and 19.17 apply to distributions after the death of an Individual who has a designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under paragraph 19.16, or by September 30 of the calendar year which contains the fifth anniversary of the Individual’s (or, if applicable, surviving Spouse’s) death as permitted under Regulations Section 1.401(a)(9). If neither the Individual nor Beneficiary makes an election under this paragraph, distributions will be made in accordance with paragraphs 19.16 and 19.17 herein and...
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  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • INCOME FROM EMPLOYMENT 1. Subject to the provisions of Articles 16, 18 and 19, salaries, wages and other similar remuneration derived by a resident of a Contracting State in respect of an employment shall be taxable only in that State unless the employment is exercised in the other Contracting State. If the employment is so exercised, such remuneration as is derived therefrom may be taxed in that other State. 2. Notwithstanding the provisions of paragraph 1, remuneration derived by a resident of a Contracting State in respect of an employment exercised in the other Contracting State shall be taxable only in the first-mentioned State if: a) the recipient is present in the other State for a period or periods not exceeding in the aggregate 183 days in any twelve month period commencing or ending in the fiscal year concerned, and b) the remuneration is paid by, or on behalf of, an employer who is not a resident of the other State, and c) the remuneration is not borne by a permanent establishment or a fixed base which the employer has in the other State. 3. Notwithstanding the preceding provisions of this Article, remuneration derived in respect of an employment exercised aboard a ship or aircraft operated in international traffic by an enterprise of a Contracting State may be taxed in that State.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

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  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

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