Federal and State Income Taxes. Lessee acknowledges that Lessor shall be entitled to claim (or have claimed) for Federal and State income tax purposes interest and depreciation deductions on the total original cost of the Equipment utilizing any method of depreciation permitted for the Equipment under the Internal Revenue Code of 1986, as amended or any applicable state tax (hereinafter called the "Code"). (All interest and depreciation deductions to which Lessor is entitled under this Section 3.13 are collectively referred to as "Allowances".) Lessee agrees to take no action inconsistent with the foregoing or which would result in the loss, disallowance, recapture or unavailability to Lessor (or an Assignee of Lessor) of the Allowances, and represents and warrants that from the time Lessor becomes the owner of the Equipment no depreciation or other tax benefits will be claimed by Lessee with respect to the Equipment. Lessee shall indemnify Lessor on an after-tax basis for any loss of all or any portion of the Allowances due to Lessee's act, omission to act, misrepresentation or any Event of Loss under Section 3.4 above.
Federal and State Income Taxes. (a) The Managing Member, at the expense of the Company, shall arrange for the preparation and timely filing of all returns of the Company showing all income, gains, deductions, and losses necessary for federal and state income tax purposes, and shall furnish to the Members the tax information reasonably required for federal and state income tax reporting purposes. The Company will provide the Members with tax information on Schedule K-1 annually for their use in filing individual tax returns. No Member shall take a position on its tax return that is inconsistent with such Schedule K-1 provided by the Company.
(b) The Managing Member in its sole discretion shall have the authority to cause the Company to make or revoke any elections permitted under the Code, the Treasury Regulations, or any state or local tax law, including without limitation the election referred to in Section 754 of the Code; provided that the Managing Member shall not cause the Company to elect to be classified as a corporation.
(c) The Managing Member shall be the Company’s “partnership representative” (as defined in Code Section 6223(a)) (the “Partnership Representative”), and each member shall take such actions requested by the Managing Member to make such designation. In connection therewith, so long as the Partnership Representative is an entity, an individual will be appointed by the Company as the designated individual in accordance with the Treasury Regulations promulgated pursuant to Section 6223 of the Code through whom the Partnership Representative shall act for all purposes under subchapter C of chapter 63 of the Code. Each current and former Member will furnish such information as may be requested by the Managing Member in connection with the Partnership Audit Provisions. For the avoidance of doubt, the Partnership Representative may cause the Company to make any election permitted by the Partnership Audit Provisions, including the election described in Code Section 6226. The Managing Member is further authorized and required to represent the Company (at the expense of the Company) in connection with all examinations of its affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend assets of the Company for professional services and costs associated therewith. Each Member agrees to cooperate with the Managing Member and to do or refrain from doing any or all things reasonably required by the Managing Member to conduct such proceed...
Federal and State Income Taxes. The earnings on an ABLE United account are deferred for federal income tax purposes until withdrawal. As long as withdrawals from the Account are used for the Beneficiary’s Qualified Disability Expenses, the earnings portion of the withdrawals will not be subject to federal income taxation. Contributions to the Account and earnings on the Account are exempt from State of Florida taxation. If the Beneficiary moves to another state or has taxable income in another state, and if that state has established a Qualified ABLE Program, that state’s program may offer favorable state income tax benefits or other benefits that are only available if you invest in that state’s program, and are not available to the Beneficiary in this Program.
Federal and State Income Taxes. The earnings on an Account are deferred for federal income tax purposes until withdrawal. As long as withdrawals from the Account are used for the Beneficiary’s Qualified Education Expenses, the earnings portion of the withdrawals will not be subject to federal income taxation. Contributions to the Account and earnings on the Account are exempt from State of Florida taxation. If you, or the Beneficiary, move to another state or have taxable income in another state, and if that state has established a Qualified Tuition Program, that program may offer favorable state income tax or other benefits such as financial aid, scholarship funds or protection from creditors that are only available if you invest in that program, and may not be available to a Beneficiary in this Program.
Federal and State Income Taxes. The Board, at the expense of the Fund, shall arrange for the preparation and timely filing of all tax returns of the Fund showing all income, gains, deductions, and losses necessary for federal and state income tax purposes, and shall furnish to the Feeder Funds within 60 days of the close of the taxable year the tax information reasonably required for federal and state income tax reporting purposes. The Board, in its sole discretion, shall have the authority to cause the Fund to make or revoke any elections (except an election to be treated as a corporation) permitted under the Code, Regulations, or any state or local tax law, including without limitation the election referred to in Section 754 of the Code.
Federal and State Income Taxes. Questar Pipeline’s combined federal and state income tax rate shall be applied to the equity portion of the return on rate base.
Federal and State Income Taxes. (a) If as a result of (i) any audit, amendment, other change or adjustment to the federal income Tax liability of the Consolidated Group for any taxable year that includes the Orchard Companies, or (ii) any audit, amendment, other change or adjustment to the state income Tax liability of the State Group that includes Sears Holdings and the Orchard Companies for any taxable period ending on or before January 1, 2005, there is an additional amount of federal or state income Taxes due and payable or a refund of federal or state income Taxes previously paid (whether by payment, credit, offset against other Taxes due or otherwise), any such deficiency shall be the responsibility of and shall be paid by Sears Holdings and Sears Holdings shall indemnify the Orchard Companies therefor, and any such refund shall be for the benefit of and shall be payable to Sears Holdings.
(b) If as a result of any audit, amendment, other change or adjustment to the state income Tax liability of the State Group that includes Sears Holdings and the Orchard Companies and not described in section 6.01(a) hereof, there is an additional amount of state income Taxes due and payable or a refund of state income Taxes previously paid (whether by payment, credit, offset against other Taxes due or otherwise), the obligations of the parties shall be redetermined under section 4.02 of this Agreement as if the adjustments made as a result of such audit were included as part of the original Tax Return filed and any payments made under this Agreement shall be adjusted or reimbursed in accordance with the foregoing.
