Income Tax Allocation and Reporting. (a) The Company agrees that, for tax reporting purposes, all interest and other income from investment of the Escrow Property shall, as of the end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by the Company, whether or not such income was disbursed during such calendar year. The Company will be responsible for tax reporting.
Appears in 2 contracts
Samples: Escrow Agreement, Escrow Agreement (Sonic Automotive Inc)
Income Tax Allocation and Reporting. (a) The Company agrees that, for tax reporting purposes, all interest and other income from investment of the Escrow Escrowed Property shall, as of the end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by the Company, whether or not such income was disbursed during such calendar year. The Company will be responsible for tax reporting.
Appears in 2 contracts
Samples: Escrow and Security Agreement (Salix Pharmaceuticals LTD), Escrow Agreement (United Rentals Inc /De)
Income Tax Allocation and Reporting. (a) The Company agrees that, for tax reporting purposes, all interest and other income from investment of the Escrow Property shall, as of the end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by the Company, whether or not such income was disbursed during such calendar year. The Company will be responsible for tax reporting.
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