Election Statement Sample Clauses
Election Statement. The parties hereby jointly make the election to determine specified policy acquisition expenses without regard to the general deductions limitation described in Internal Revenue Regulation 1.848-2(g)(8) (the “Regulation”) under Section 848 of the Code. This Section 9.13 shall constitute the Election Statement specified in the Regulation and this Election Statement shall be construed in accordance with all of the requirements of such Regulation regarding such election, including, without limitation, the election statement and Tax return reporting requirements of Regulation Sections 1.848-2(g)(8)(ii) and 1.848-2(g)(8)(iii). Pursuant to this Election Statement, the parties agree as follows:
(a) to exchange information each and every year for which this Agreement is in effect pertaining to the amount of “net consideration” under this Agreement as that term is used in the Regulation. In order to effect this information exchange, the parties agree that:
(i) the Ceding Company shall submit its calculation of the “net consideration” for purposes of that Regulation to the Reinsurer not later than May 1st for each and every taxable year for which this Agreement is in effect;
(ii) the Reinsurer may challenge such calculation within ten (10) Business Days of its receipt of the Ceding Company’s calculation;
(iii) should the Reinsurer challenge the Ceding Company’s calculation of the “net consideration” and the parties be unable to agree as to the appropriate methodology to determine the “net consideration” for purposes of the Regulation, the parties shall refer such dispute to an outside tax consultant unrelated to either of the parties, in lieu of the arbitration provisions of this Agreement, and if the parties cannot agree on a tax consultant, the tax consultant shall be Deloitte & Touche LLP, and the parties agree to be bound by the decision of such tax consultant;
(b) that the party with net positive consideration with respect to this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code; and
(c) that the first taxable year for which this Election Statement shall be effective is taxable year 2009.
Election Statement. The Company and North American Re hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for 1992 and for all subsequent taxable years for which this Agreement remains in effect.
Election Statement. The election statement must include—
Election Statement. The election statement must include—
(A) The name, address, and taxpayer identification number of the trust, the potential current beneficiaries, and the S corporations in which the trust cur- rently holds stock. If the trust includes a power described in paragraph (m)(4)(vi)(B) of this section, then the election statement must include a statement that such a power is in- cluded in the instrument, but does not need to include the name, address, or taxpayer identification number of any particular charity or any other infor- mation regarding the power.
(B) An identification of the election as an ESBT election made under sec- tion 1361(e)(3);
(C) The first date on which the trust owned stock in each S corporation;
(D) The date on which the election is to become effective (not earlier than 15 days and two months before the date on which the election is filed); and
(E) Representations signed by the trustee stating that—
(1) The trust meets the definitional requirements of section 1361(e)(1); and
(2) All potential current beneficiaries of the trust meet the shareholder re- quirements of section 1361(b)(1).
Election Statement. The election statement must include—
(A) The name, address, and taxpayer identification number of the trust, the potential current beneficiaries, and the S corporations in which the trust cur- rently holds stock. If the trust includes a power described in paragraph (m)(4)(vi)(B) of this section, then the election statement must include a statement that such a power is in- cluded in the instrument, but does not need to include the name, address, or taxpayer identification number of any particular charity or any other infor- mation regarding the power.
(B) An identification of the election as an ESBT election made under sec- tion 1361(e)(3);
(C) The first date on which the trust owned stock in each S corporation;
(D) The date on which the election is to become effective (not earlier than 15 days and two months before the date on which the election is filed); and
(E) Representations signed by the trustee stating that—
(1) The trust meets the definitional requirements of section 1361(e)(1); and
(2) All potential current beneficiaries of the trust meet the shareholder re- quirements of section 1361(b)(1); for the purpose of this paragraph (m)(2)(ii)(E)(2), an NRA potential cur- rent beneficiary does not violate the requirement under section 1361(b)(1)(C) that an S corporation cannot have an NRA as a shareholder.
Election Statement. The Company and Swiss Re Life & Health hereby agree to the following pursuant to Section 1.848-2(g) (8) of the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective for 1992 and for all subsequent taxable years for which this Agreement remains in effect.
Election Statement. The election statement must include—
(A) The name, address, and taxpayer identification number of the trust, the potential current beneficiaries, and the S corporations in which the trust cur- rently owns stock;
(B) An identification of the election as an ESBT election made under sec- tion 1361(e)(3);
(C) The first date on which the trust owned stock in each S corporation;
(D) The date on which the election is to become effective (not earlier than 15 days and two months before the date on which the election is filed); and
(E) Representations signed by the trustee stating that—
(1) The trust meets the definitional requirements of section 1361(e)(1); and
(2) All potential current beneficiaries of the trust meet the shareholder re- quirements of section 1361(b)(1).