DEFERRED REVENUE. The Parties agree (i) that for U.S. federal and all applicable state and local income Tax purposes, any Liability that is assumed by Buyer in connection with the Transactions and that is attributable to deferred revenue shall not be treated as giving rise to taxable income of Buyer and (ii) not to take any position on any Tax Return that is inconsistent with the treatment described in clause (i) of this Section 7.03(a).
Appears in 3 contracts
Samples: Asset Purchase Agreement (808 Renewable Energy Corp), Asset Purchase Agreement (Token Communities Ltd.), Asset Purchase Agreement (Token Communities Ltd.)
DEFERRED REVENUE. The Parties parties agree (i) that for U.S. federal and all applicable state and local income Tax purposes, any Liability liability that is assumed by Buyer the Purchaser in connection with the Transactions this Agreement and that is attributable to prepaid income, advance payments or deferred revenue shall (A) not be treated as giving rise to taxable income of Buyer and (ii) not to take any position on any Tax Return that is inconsistent with the treatment described in clause (i) of this Section 7.03(a).Purchaser under Xxxxx X. Xxxxxx Corp. v.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Caci International Inc /De/)
