Distributions Due to Certain Tax Consequences. Notwithstanding any provision of this Trust Agreement other than Sections 12 and 13 hereof, if a Participant (or Beneficiary) is determined to be subject to United States federal income tax on any portion of his interest in the Trust prior to the time of distribution of such interest that portion of such interest shall be distributed by the Trustee to such Participant or Beneficiary. A portion of a Participant’s (or Beneficiary’s) interest in the Trust shall be determined to be subject to United States federal income tax upon the earliest of (i) receipt by the Participant (or Beneficiary) of a notice of deficiency from the United States Internal Revenue Service with respect to such interest which is not contested by such Participant (or Beneficiary); (ii) execution of a closing agreement between the Participant (or Beneficiary) and the Internal Revenue Service which provides that such interest is includible in the Participant’s (or Beneficiary’s) gross income; and (iii) a final determination by the United States Tax Court or any other federal court which holds that such interest is includible in the Participant’s (or Beneficiary’s) gross income.
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Samples: Trust Agreement (American Standard Companies Inc), Trust Agreement (American Standard Companies Inc), Trust Agreement (American Standard Companies Inc)
Distributions Due to Certain Tax Consequences. Notwithstanding any provision of this Trust Agreement other than Sections 12 and 13 hereof, if a Participant (or Beneficiary) is determined to be subject to United States federal income tax on any portion of his interest in the Trust prior to the time of distribution of such interest that portion of such interest shall be distributed by the Trustee to such Participant or Beneficiary. A portion of a Participant’s 's (or Beneficiary’s's) interest in the Trust shall be determined to be subject to United States federal income tax upon the earliest of (i) receipt by the Participant (or Beneficiary) of a notice of deficiency from the United States Internal Revenue Service with respect to such interest which is not contested by such Participant (or Beneficiary); (ii) execution of a closing agreement between the Participant (or Beneficiary) and the Internal Revenue Service which provides that such interest is includible in the Participant’s 's (or Beneficiary’s's) gross income; and (iii) a final determination by the United States Tax Court or any other federal court which holds that such interest is includible in the Participant’s 's (or Beneficiary’s's) gross income.
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Samples: Trust Agreement (American Standard Inc), Trust Agreement (American Standard Inc), Trust Agreement (American Standard Companies Inc)
Distributions Due to Certain Tax Consequences. Notwithstanding any provision of this Trust Agreement other than Sections 12 and 13 hereof, if a Participant (or Beneficiary) is determined to be subject to United States federal income tax by reason of Section 409A of the Code on any portion of his interest in the Trust prior to the time of distribution of such interest that portion of such interest shall be distributed by the Trustee to such Participant or Beneficiary. A portion of a Participant’s (or Beneficiary’s) interest in the Trust shall be determined to be subject to United States federal income tax upon the earliest of (i) receipt by the Participant (or Beneficiary) of a notice of deficiency from the United States Internal Revenue Service with respect to such interest which is not contested by such Participant (or Beneficiary); (ii) execution of a closing agreement between the Participant (or Beneficiary) and the Internal Revenue Service which provides that such interest is includible in the Participant’s (or Beneficiary’s) gross income; and (iii) a final determination by the United States Tax Court or any other federal court which holds that such interest is includible in the Participant’s (or Beneficiary’s) gross income.
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Distributions Due to Certain Tax Consequences. Notwithstanding any provision of this Trust Agreement other than Sections 12 and 13 hereof, if a Participant (or Beneficiary) is determined to be subject to United States federal income tax under Section 409A of the Code on any portion of his interest in the Trust prior to the time of distribution of such interest that portion of such interest shall be distributed by the Trustee to such Participant or Beneficiary. A portion of a Participant’s (or Beneficiary’s) interest in the Trust shall be determined to be subject to United States federal income tax upon the earliest of (i) receipt by the Participant (or Beneficiary) of a notice of deficiency from the United States Internal Revenue Service with respect to such interest which is not contested by such Participant (or Beneficiary); (ii) execution of a closing agreement between the Participant (or Beneficiary) and the Internal Revenue Service which provides that such interest is includible in the Participant’s (or Beneficiary’s) gross income; and (iii) a final determination by the United States Tax Court or any other federal court which holds that such interest is includible in the Participant’s (or Beneficiary’s) gross income.
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