Income Tax Deductions Sample Clauses

Income Tax Deductions. To the extent permitted by applicable Tax Law, all Income Tax deductions arising after the Distribution by reason of a grant, vesting, exercise, or settlement of an Equity Award issued to a ParentCo Individual, or by reason of a disqualifying disposition of shares relating to such an Equity Award, or by reason of any other payment of compensation by the ParentCo Group or SpinCo Group to a ParentCo Individual shall be claimed solely by the ParentCo Group; and all Income Tax deductions arising after the Distribution by reason of a grant, vesting, exercise, or settlement of an Equity Award issued to a SpinCo Individual, or by reason of a disqualifying disposition of shares relating to such an Equity Award, or by reason of any other payment of compensation by the ParentCo Group or SpinCo Group to a SpinCo Individual shall be claimed solely by the SpinCo Group. If, as a result of a Final Determination, an Income Tax deduction claimed pursuant to the immediately preceding sentence is disallowed to the Group that claims such deduction, then the other Group shall at the request of the Company that is a member of the former Group (the “Employing Company”) make a claim for the deduction so disallowed; provided, however, that the Employing Company has delivered to the other Company (the “Claiming Company”) (i) an opinion of counsel in a form reasonably satisfactory to the Claiming Company that confirms that, based on the Final Determination, the deduction should be allowable to the Claiming Company or one of its Affiliates, and (ii) an acknowledgement that the Employing Company will reimburse the Claiming Company for all reasonable expenses incurred by the Claiming Company and its Affiliates as a result of claiming the deduction. Upon a subsequent Final Determination in favor of the Claiming Company or its Affiliates with respect to such deduction, the Claiming Company shall pay to the Employing Company an amount equal to the Tax Benefit that was actually realized in cash by the Claiming Company or its Affiliates as a result of claiming such deduction.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Income Tax Deductions. A. Solely MINC or any member of the MINC Group, as the case may be, shall be entitled to claim any Tax deduction associated with the following items on its respective Tax Return: 1. The vesting of Freescale restricted stock or restricted stock units received by any MINC Employee (as defined below) with respect to MINC restricted stock or restricted stock units held by such MINC Employee and payment of any dividends with respect to such Freescale restricted stock. 2. The exercise of any MINC stock options by any MINC Employee, the vesting of MINC restricted stock or restricted stock units held by any MINC Employee (and payment of any dividends on such MINC restricted stock), any disqualifying dispositions made by any MINC Employee of MINC shares acquired under the Motorola Employee Stock Purchase Plan and any payments made pursuant to the Motorola Incentive Plan or the Motorola Mid-Range Plan of 2003 to any MINC Employee. B. Solely Freescale or any member of the Freescale Group, as the case may be, shall be entitled to claim any Tax deduction associated with the following items on its respective Tax Return: 1. The exercise of any MINC stock options by any Freescale Employee (as defined below) on or after the first date any member of the Freescale Group employed such Freescale Employee; 2. The vesting of MINC restricted stock or restricted stock units held by any Freescale Employee on or after the first date any member of the Freescale Group employed such Freescale Employee (and the payment of any dividends on such MINC restricted stock at any time on or after the first date any member of the Freescale Group employed such Freescale Employee); 3. Any disqualifying dispositions of MINC shares acquired under the Motorola Employee Stock Purchase Plan made by any Freescale Employee on or after the first date any member of the Freescale Group employed such Freescale Employee; 4. Any replacement award designed to replace benefits such individual would have been eligible to accrue under the Motorola Elected Officers Supplementary Retirement Plan paid to any Freescale Employee on or after the date any member of the Freescale Group employed such Freescale Employee; and 5. Any payments made pursuant to the Motorola Incentive Plan or the Motorola Mid-Range Incentive Plan of 2003 to any Freescale Employee on or after the first date any member of the Freescale Group employed such Freescale Employee. C. 1. The following terms shall have the following meanings:
Sample 1Sample 2Sample 3
Income Tax Deductions. The employer will withhold the necessary amounts from the benefits, in conformity with the income tax and other federal or provincial laws.
Sample 1Sample 2Sample 3
Income Tax Deductions. All deductions, including Union dues, as allowed for tax purposes by the appropriate authority will be shown on the employees’ earnings slip at the end of each tax year.
Sample 1Sample 2
Income Tax Deductions. The Trustee shall claim the maximum deductions available to the Fund for the purposes of computing its income pursuant to the provisions of the Act to the extent required to reduce the taxable income of the Fund to nil or to the extent desirable in the best interests of the Unitholders.
Sample 1Sample 2
Income Tax Deductions. 12.1 The Sub Contractor warrants that it is not a personal service company as defined in the Fourth Schedule of the Income Tax Act 58 of 1962. 12.2 Unless the Sub Contractor is able to provide Canal Freight & Couriers , within 21 (twenty one) days of signature of this agreement and annually thereafter, with either a certificate of exemption of a valid tax directive to the effect that Canal Freight & Couriers is not obliged to deduct or withhold employees’ tax, Canal Freight & Couriers is entitled to deduct or withhold employees’ tax at the applicable rate from all payments accruing to the Sub Contractor in terms of this agreement and to make payment of such amounts to the South African Revenue Services, if appropriate. 12.3 If the Sub Contractor’s circumstances change at any time or should the certificate of exemption or tax directive envisaged in 12.2 above be cancelled, withdrawn or not renewed, the Sub Contractor must notify Canal Freight & Couriers in writing within 2 (two) days of such change, withdrawal, cancellation or non-renewal, failing which Canal Freight & Couriers is entitled to cancel this agreement without notice and without prejudice to any of its other rights.
Sample 1
Income Tax Deductions. A qualified appraiser will determine the value of land before and after the conservation easement. 1000 ac. x $1,700/ac = Before Value - $1,700,000 1000 ac. x $700/ac = After Value - $ 700,000 % Currently % A Donor may deduct the full value of the donation (up to 50% of Donor’s AGI per year). If donation exceeds 50% AGI the Donor can carry forward the balance of a donation for an additional 15 years. % Farmers/Ranchers (under Enhanced Incentives) % A Donor may deduct full value of the donation (up to 100% of Donor’s AGI per year). More than 50% of Donor’s income must be from farming or ranching to qualify.
Sample 1
AutoNDA by SimpleDocs

Related to Income Tax Deductions

  • 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;

  • Income Tax Returns Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

  • Income Taxes The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * EXHIBIT G-2 FORM OF TRANSFEROR CERTIFICATE __________ , 20__ Residential Funding Mortgage Securities I, Inc. 8400 Normandale Xxxx Xxxxxxxxx Xxxxx 000 Xxxxxxxxxxx, Xxxxxxxxx 00000 [Xxxxxxx] Xxxention: Residential Funding Corporation Series _______ Re: Mortgage Pass-Through Certificates, Series ________, Class R[-__] Ladies and Gentlemen: This letter is delivered to you in connection with the transfer by _____________________ (the "Seller") to _____________________(the "Purchaser") of $______________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to Section 5.02 of the Series Supplement, dated as of ________________, to the Standard Terms of Pooling and Servicing Agreement dated as of ________________ (together, the "Pooling and Servicing Agreement") among Residential Funding Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding Corporation, as master servicer, and __________, as trustee (the "Trustee"). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

  • Income Tax Matters (a) In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Grantee, are withheld or collected from Grantee. (b) The Company shall reasonably determine the amount of any federal, state, local or other income, employment, or other taxes which the Company or any of its affiliates may reasonably be obligated to withhold with respect to the grant, vesting, or other event with respect to the Restricted Stock Units. The Company may, in its sole discretion, withhold a sufficient number of shares of Common Stock in connection with the vesting of the Restricted Stock Units at the Fair Market Value of the Common Stock (determined as of the date of measurement of the amount of income subject to such withholding) to satisfy the minimum amount of any such withholding obligations that arise with respect to the vesting of such Restricted Stock Units. The Company may take such action(s) without notice to the Grantee, and the Grantee shall have no discretion as to the satisfaction of tax withholding obligations in such manner. If, however, any withholding event occurs with respect to the Restricted Stock Units other than upon the vesting of such Restricted Stock Units, or if the Company for any reason does not satisfy the withholding obligations with respect to the vesting of the Restricted Stock Units as provided above in this Section 8(b), the Company shall be entitled to require a cash payment by or on behalf of the Grantee and/or to deduct from other compensation payable to the Grantee the minimum amount of any such withholding obligations. (c) The Restricted Stock Unit Award evidenced by this Agreement, and the issuance of shares of Common Stock to the Grantee in settlement of vested Restricted Stock Units, is intended to be taxed under the provisions of Section 83 of the Code, and is not intended to provide and does not provide for the deferral of compensation within the meaning of Section 409A(d) of the Code. Therefore, the Company intends to report as includible in the Grantee’s gross income for any taxable year an amount equal to the Fair Market Value of the shares of Common Stock covered by the Restricted Stock Units that vest (if any) during such taxable year, determined as of the date such Restricted Stock Units vest. In furtherance of this intended tax treatment, all vested Restricted Stock Units shall be automatically settled and payment to the Grantee shall be made as provided in Section 1(c) hereof, but in no event later than March 15th of the year following the calendar year in which such Restricted Stock Units vest. The Grantee shall have no power to affect the timing of such settlement or payment. The Company reserves the right to amend this Agreement, without the Grantee’s consent, to the extent it reasonably determines from time to time that such amendment is necessary in order to achieve the purposes of this Section.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!