General Method of Proration for Straddle Periods. In the case of any Straddle Period, Tax Items shall be apportioned between Pre-Deconsolidation Periods and Post-Deconsolidation Periods (and, to the extent relevant, Pre-2017 Periods and Post-2016 Periods or Pre-IPO Periods and Post-IPO Periods, as applicable) in accordance with the principles of Treasury Regulation Section 1.1502-76(b) and any other applicable Tax Law as reasonably interpreted and applied by BGC Partners. With respect to the BGC Federal Consolidated Income Tax Return for the taxable year that includes the Deconsolidation, no election shall be made under Treasury Regulation Section 1.1502-76(b)(2)(ii). If the Deconsolidation Date is not an Accounting Cutoff Date, the provisions of Treasury Regulation Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the items (other than extraordinary items) for the month which includes the Deconsolidation Date.
Appears in 4 contracts
Samples: Tax Matters Agreement (Newmark Group, Inc.), Tax Matters Agreement (BGC Partners, Inc.), Tax Matters Agreement (Newmark Group, Inc.)
