Common use of FISCAL YEAR 2001 STUB PERIOD AND FISCAL YEAR 2000 Clause in Contracts

FISCAL YEAR 2001 STUB PERIOD AND FISCAL YEAR 2000. (a) PracticeWorks shall determine and pay the final amount owed, if any, under clause (i)(C) of Section 2.03(a) for the Fiscal Year 2001 Stub Period as follows: (i) within sixty (60) days from the Date of Distribution, PracticeWorks shall provide InfoCure with a copy of its Federal and State tax package (except that standard items such as Internal Revenue Service Form 5471s, boycott information, FTC receipts and Section 861 information may be provided within one hundred twenty (120) days from the Date of Distribution) of its Fiscal Year 2001 Stub Period operating and nonoperating tax and financial results; (ii) PracticeWorks will calculate in accordance with the principles established in Section 2.03 and submit to InfoCure an estimate of its Fiscal Year 2001 Stub Period Tax liability, offsetting such liability by the amount, if any, determined to be owed to PracticeWorks for Fiscal Year 2000 pursuant to Section 4.01(b), to the extent payment has not already been received by PracticeWorks for such overpayment pursuant to Section 4.01(b); (iii) InfoCure shall have the right to object in writing to such calculation on or before sixty (60) days after the date on which such calculation is provided to InfoCure, on the grounds that there is substantial authority that such calculation is incorrect; PROVIDED that if InfoCure so objects, InfoCure and PracticeWorks shall promptly submit the dispute to an independent accounting or law firm acceptable to both InfoCure and PracticeWorks for prompt resolution, whose decision shall be final and binding on InfoCure and PracticeWorks, and (x) the party that such accounting or law firm determines has lost the dispute shall pay all of the fees and expenses incurred in connection with submitting such dispute; (y) PracticeWorks shall pay to InfoCure an amount equal to 80% of the amount determined in clause (ii) of this Section 4.01(a) within ten (10) days after InfoCure lodges an objection pursuant to clause (iii) of this Section 4.01(a); (z) a determination of the final amount owed, if any, under clause (ii) of this Section 4.01(a) shall be made when the InfoCure Group's Fiscal Year 2001 Tax Returns are filed and shall be paid within thirty (30) days from the date InfoCure notifies PracticeWorks of any

Appears in 2 contracts

Samples: Tax Disaffiliation Agreement (Practice Works Inc), Tax Disaffiliation Agreement (Practice Works Inc)

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FISCAL YEAR 2001 STUB PERIOD AND FISCAL YEAR 2000. (a) PracticeWorks shall determine and pay the final amount owed, if any, under clause (i)(C) of Section 2.03(a) for the Fiscal Year 2001 Stub Period as follows: (i) within sixty (60) days from the Date of Distribution, PracticeWorks shall provide InfoCure with a copy of its Federal and State tax package (except that standard items such as Internal Revenue Service Form 5471s, boycott information, FTC receipts and Section 861 information may be provided within one hundred twenty (120) days from the Date of Distribution) of its Fiscal Year 2001 Stub Period operating and nonoperating tax and financial results; (ii) PracticeWorks will calculate in accordance with the principles established in Section 2.03 and submit to InfoCure an estimate of its Fiscal Year 2001 Stub Period Tax liability, offsetting such liability by the amount, if any, determined to be owed to PracticeWorks for Fiscal Year 2000 pursuant to Section 4.01(b), to the extent payment has not already been received by PracticeWorks for such overpayment pursuant to Section 4.01(b); (iii) InfoCure shall have the right to object in writing to such calculation on or before sixty (60) days after the date on which such calculation is provided to InfoCure, on the grounds that there is substantial authority that such calculation is incorrect; PROVIDED that if InfoCure so objects, InfoCure and PracticeWorks shall promptly submit the dispute to an independent accounting or law firm acceptable to both InfoCure and PracticeWorks for prompt resolution, whose decision shall be final and binding on InfoCure and PracticeWorks, and (x) the party that such accounting or law firm determines has lost the dispute shall pay all of the fees and expenses incurred in connection with submitting such dispute; (y) PracticeWorks shall pay to InfoCure an amount equal to 80% of the amount determined in clause (ii) of this Section 4.01(a) within ten (10) days after InfoCure lodges an objection pursuant to clause (iii) of this Section 4.01(a); (z) a determination of the final amount owed, if any, under clause (ii) of this Section 4.01(a) shall be made when the InfoCure Group's Fiscal Year 2001 Tax Returns are filed and shall be paid within thirty (30) days from the date InfoCure notifies PracticeWorks of anyany additional amounts due together with interest at a rate equal to the Applicable Federal Rate from the date on which such Tax Return is filed. Similarly, any refund owed PracticeWorks over the amount previously determined and paid under clause (ii) of this Section 4.01(a) shall be refunded by InfoCure within the same thirty (30) day period together with interest at a rate equal to the Applicable Federal Rate from the date on which InfoCure receives such refund, and any claims resulting from carrybacks, tax audits or a Final Determination shall be handled in the same manner as provided in Articles V, VI, VII, and VIII.

Appears in 2 contracts

Samples: Distribution Agreement (Infocure Corp), Tax Disaffiliation Agreement (Practice Works Inc)

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