Income Tax Election. In accordance with the requirements of the Tax Act, the regulations thereunder, the administrative practice and policy of the Canada Revenue Agency and any applicable equivalent or corresponding provincial or territorial legislative, regulatory and administrative requirements, Buyer and Seller shall make and file, in a timely manner, a joint election(s) to have the rules in subsection 20(24) of the Tax Act, and any equivalent or corresponding provision under applicable provincial or territorial tax legislation, apply to the obligations of Buyer in respect of undertakings which arise from the operation of the Business and to which paragraph 12(1)(a) of the Tax Act applies. Buyer and Seller acknowledge that Seller is transferring assets to Buyer which have a value equal to the elected amount as consideration for the assumption by Buyer of such obligations of Seller.
Appears in 5 contracts
Samples: Asset Purchase Agreement (American Tire Distributors Holdings, Inc.), Asset Purchase Agreement (American Tire Distributors Holdings, Inc.), Asset Purchase Agreement (American Tire Distributors Holdings, Inc.)
