Income Tax Reporting. For federal and state income tax purposes, the Trustees shall file such returns and statements as in their judgment are required to comply with applicable provisions in the 1986 Code and regulations thereunder, and any state taxation laws and regulations thereunder. Until dissolution of this Trust and distribution of the underlying assets, the Trustor shall be considered the owner of the properties for purposes of allocation of items of income, gain, loss, deduction and credit.
Income Tax Reporting. Landlord and Tenant intend this Lease and the Purchase Agreement to have a form for income taxes which is different than the form of this Lease and the Purchase Agreement for other purposes, and thus the parties acknowledge and agree as follows:
A) FOR PURPOSES OF DETERMINING THEIR RESPECTIVE FEDERAL, STATE AND LOCAL INCOME TAX OBLIGATIONS, Landlord and Tenant believe and intend that this Lease and the Purchase Agreement constitute a financing arrangement or conditional sale. Both Landlord and Tenant agree to report this Lease and the Purchase Agreement as a financing arrangement or conditional sale on their respective income tax returns (the "REQUIRED REPORTING"), unless such Required Reporting is challenged in writing by the Internal Revenue Service or another governmental authority with jurisdiction (a "TAX CHALLENGE"). Consistent with the foregoing, Landlord and Tenant expect that Tenant (and not Landlord) shall be treated as the true owner of the Property for income tax purposes, thereby entitling Tenant (and not Landlord) to take depreciation deductions and other tax benefits available to the owner. Tenant shall also report all interest earned on Escrowed Proceeds or the collateral covered by the Pledge Agreement as Tenant's income for federal, state and local income tax purposes. REFERENCES IN THIS LEASE OR IN THE PURCHASE AGREEMENT TO A "LEASE" OF THE "LEASED PROPERTY" ARE NOT INTENDED FOR INCOME TAX PURPOSES TO REFLECT THE INTENT OF LANDLORD OR TENANT AS TO THE FORM OF THE TRANSACTIONS COVERED BY, OR THE PROPER CHARACTERIZATION OF, THIS LEASE AND THE PURCHASE AGREEMENT.
B) FOR ALL OTHER PURPOSES, INCLUDING THE DETERMINATION OF THE APPROPRIATE FINANCIAL ACCOUNTING FOR THIS LEASE AND THE DETERMINATION OF THEIR RESPECTIVE RIGHTS AND REMEDIES UNDER STATE LAW, Landlord and Tenant believe and intend that (i) this Lease constitutes a true Lease, not a mere financing arrangement, enforceable in accordance with its express terms (and neither this subparagraph k nor the provisions referencing this subparagraph on the title page of this Lease and in the Purchase Agreement are intended to affect the enforcement of any other provisions of this Lease or the Purchase Agreement) and (ii) the Purchase Agreement shall constitute a separate and independent contract, enforceable in accordance with the express terms and conditions set forth therein. In this regard, Tenant acknowledges that Tenant asked Landlord to participate in the transactions evidenced by this Leas...
Income Tax Reporting. The Employee shall report the Annual Base Salary and all payments made to Employee pursuant to Section 2.3 as ordinary income for Federal, state and local income tax purposes, as required.
Income Tax Reporting. As a condition to Employee's entitlement to all amounts to be paid hereunder, Employee shall report all Base Salary and all other compensation to be paid to Employee hereunder as earned income for federal, state or local income tax purposes.
Income Tax Reporting. Each Member is aware of the income tax consequences of the allocations made by this Article 4 and hereby agrees to be bound by the provisions of Article 4 in reporting such Member’s share of LLC income and loss for federal and state income tax purposes.
Income Tax Reporting. (Section References are to the Internal Revenue Code)
Income Tax Reporting. Any and all payments to Employee (excluding reimbursed expenses) shall be reported to the IRS as Employee’s income, as required by the IRS.
Income Tax Reporting. 14 Exhibits and Schedules
Income Tax Reporting. (Section References are to the Internal Revenue Code) Purpose – Each January, the law requires us to report to the Internal Revenue Service (IRS) and to provide you a statement showing dividends and interest paid to you during the preceding calendar year. Each May, the law also requires us to report your contributions to and withdrawals from your IRA accounts. Tax Identification Number (TIN) and Backup Withholding Certification – You may use our Premier Signature Card to provide us with your correct name and Tax Identification Number (TIN) and to certify that you are not subject to backup withholding. If you are an individual, your TIN is generally your Social Security Number (SSN). If you have changed your last name (for instance, due to marriage) without informing the Social Security Administration, you may provide your first name and both the last name shown on your social security card and your new last name. For organizations and other non-individuals, the TIN is the Employer Identification Number (EIN). You must provide your number to us even if you are not required to file an income tax return. You may not open any account with us unless you have a valid TIN. A non-resident alien or foreign entity not subject to information reporting must certify their exempt status by completing Form W-8BEN, Certification of Foreign Status, and this certification of exempt status must be done every three (3) years (or more often upon our request) to avoid backup withholding. What Number to Give for Information Reporting
1. Individual 2. Two or more individuals (joint account) 3. Custodian account of minor (Uniform Gift to Minors Act) 4. a. The usual revocable savings trust (grantor is also trustee) b So-called trust account that is not a legal or valid trust under state law The individual The actual owner of the account, or if combined funds, the first individual on the account. If only one person on a joint account has an SSN, that person’s number must be furnished. The minor The grantor-trustee The actual owner
Income Tax Reporting. For federal or state income tax purposes, the Trustee shall file for the Trust such returns and statements as in its judgment are required to comply with applicable provisions of the Code and regulations and any applicable state laws and regulations, in either case to permit each Unitholder to report such Unitholder's share of the income and deductions of the Trust. The Trustee will treat all income and deductions of the Trust for each month as having been realized on the Monthly Record Date for such month unless otherwise advised by its counsel or the Internal Revenue Service. The Trustee will report as a grantor trust until and unless it receives an opinion of tax counsel that such reporting is no longer proper. Within 75 days following the end of each fiscal year, the Trustee shall mail, to each Unitholder of record on a Monthly Record Date during such fiscal year, a report which shall show in reasonable detail such information as is necessary to permit all holders of record of Units on a Monthly Record Date during such fiscal year to make calculations necessary for tax purposes, including depletion.
