Gift Tax Consequences to Contributor Sample Clauses

Gift Tax Consequences to Contributor. When the Contributor makes a contribution to the Fund and retains a lifetime income interest, the Contributor makes a gift of the remainder interest in the donated property to CCS. The Contributor may take the gift tax charitable deduction in an amount equal to the actuarial present value of the remainder interest. Although the gift of the remainder interest to CCS does not create a gift tax liability, the contributor must still report the transaction, at the calculated discounted value, on the Contributor's gift tax return. If the Contributor designates an individual who is not the Contributor or the Contributor's spouse as the income beneficiary, either as a concurrent or consecutive beneficiary, such designation may create a gift subject to the gift tax based upon the actuarial value of the beneficiary's interest. Should the Contributor designate his or her U.S. citizen spouse as the income beneficiary, no gift tax consequences should result to the Contributor for the actuarial value of the spouse's income interest because the Contributor should be able to utilize the gift tax marital deduction under Code section 2523(g)(1). However, if the Contributor designates a non- U.S. citizen spouse as the income beneficiary, then the gift tax marital deduction does not apply; nevertheless, an annual gift tax exclusion amount of $155,000 (for 2019) is allotted for gifts to non-U.S. citizen spouses under Code section 2523(i). This annual gift tax exclusion for gifts to non-U.S. citizen spouses is adjusted for inflation each year. It is important to note that (a) the marital deduction is not available for a future income interest, and (b) based on the facts and circumstances, an election to treat the gift of the income interest as qualified terminable interest property ("QTIP") may be required. The Contributor may avoid creating a gift tax liability if the gift of the income interest designated in another individual (other than the Contributor's spouse) is a present income interest equal to or less than the annual per donee gift tax exclusion amount. Currently, the annual per donee gift tax exclusion amount is $15,000 (for 2019); however, this amount is adjusted for inflation each year. Additionally, the Contributor may avoid creating a gift tax liability by utilizing the unified gift and estate tax exemption of $11,400,000 (for 2019). This amount changes in accordance with congressional mandate. The Contributor may reserve the right, exercisable only by will, to t...
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Related to Gift Tax Consequences to Contributor

  • Adverse Tax Consequences Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent the Partnership from being taxable as a corporation for Federal income tax purposes. In addition, except with the Consent of the General Partner, no Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any conversion of LTIP Units into Partnership Common Units, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to or by any Person if such Transfer could (i) result in the Partnership being treated as an association taxable as a corporation; (ii) result in a termination of the Partnership under Code Section 708; (iii) be treated as effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 and the Regulations promulgated thereunder, (iv) result in the Partnership being unable to qualify for one or more of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”) or (v) based on the advice of counsel to the Partnership or the General Partner, adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Code Section 857 or Code Section 4981.

  • Tax Consequences It is intended that the Merger shall constitute a “reorganization” within the meaning of Section 368(a) of the Code, and that this Agreement shall constitute a “plan of reorganization” for purposes of Sections 354 and 361 of the Code.

  • Tax Consequences and Withholding No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery of the Shares. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan. You may elect to satisfy such withholding tax obligations by having the Company withhold a number of Shares that would otherwise be issued to you in settlement of the Units and that have a fair market value equal to the amount of such withholding tax obligations by notifying the Company of such election prior to the Vesting Date.

  • No Guarantee of Tax Consequences The Company, Board and Committee make no commitment or guarantee to Participant that any federal, state or local tax treatment will apply or be available to any person eligible for benefits under this Award Agreement and assumes no liability whatsoever for the tax consequences to Participant.

  • Income Tax Liability Within ten (10) Business Days after the receipt of revenue agent reports or other written proposals, determinations or assessments of the IRS or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the Tax liability of, or assess or propose the collection of Taxes required to have been withheld by, the Borrower which equal or exceed $100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof;

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not

  • Voluntariness and Consequences of Consent Denial or Withdrawal The Participant’s participation in the Plan and the Participant’s grant of consent is purely voluntary. The Participant may deny or withdraw his or her consent at any time. If the Participant does not consent, or if the Participant withdraws his or her consent, the Participant cannot participate in the Plan. This would not affect the Participant’s salary as an employee or his or her career; the Participant would merely forfeit the opportunities associated with the Plan.

  • Our Liability for Failure to Complete Transactions If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • Tax and Accounting Consequences (a) It is intended by the parties hereto that the Merger shall constitute a reorganization within the meaning of Section 368 of the Code. The parties hereto adopt this Agreement as a "plan of reorganization" within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the United States Income Tax Regulations. (b) It is intended by the parties hereto that the Merger shall be treated as a purchase for accounting purposes.

  • Sales and Transfer Taxes Seller and Purchaser shall be equally responsible for the payment of all transfer, recording, documentary, stamp, sales, use (including all bulk sales Taxes) and other similar Taxes and fees (collectively, the “Transfer Taxes”), that are payable or that arise as a result of the P&A Transaction, when due. Seller shall file any Tax Return that is required to be filed in respect of Transfer Taxes described in this Section 8.3 when due, and Purchaser shall cooperate with respect thereto as necessary.

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