Income Tax Returns Tax Accounting Tax Elections Sample Clauses

Income Tax Returns Tax Accounting Tax Elections. Section 8.1 Tax Returns and "Tax Matters Partner". The Administrative Partner shall be and shall have all of the rights and powers of the Partnership's "TAX MATTERS PARTNER" as such term is defined in the Code. The Tax Matters Partner shall prepare or cause to be prepared (and the Partnership's independent accountants shall review) all tax returns and statements, if any, which must be filed on behalf of the Partnership with any federal, state, local or foreign taxing authority, and, except and to the extent otherwise provided in Section 8.3 hereof, shall have the authority to make any and all elections under tax laws and regulations for or with respect to the Partnership as to tax matters relating to the Partnership. Copies of all tax returns of the Partnership shall be furnished to each of the Partners for its review and approval at least fifteen (15) days prior to the statutory date for filing, including extensions thereof if any. If any Partner shall fail to approve any such return at least five (5) days prior to the statutory date for filing, the Tax Matters Partner shall file or cause to be filed an application for extension of time to file such return. If any Partner shall thereafter fail to approve any such return at least five (5) days prior to the expiration of the last lawful extension, the Tax Matters Partner shall, nevertheless, file such return on behalf of the Partnership. In the event the Partnership is not subject to the consolidated audit rules of Code Section 6221 through 6234, the Partners hereby agree to sign an election pursuant to Code Section 6231(a)(l)(B)(ii) to be filed with the Partnership's next federal income tax return to have such consolidated audit rules apply to the Partnership. Actual expenses incurred by the Administrative Partner as the Tax Matters Partner or in a similar capacity as set forth in this Section 8 shall be borne by the Partnership as Partnership expenses. Such expenses shall include, without limitation, fees of attorneys and other tax professionals, accountants, appraisers and experts, filing fees and reasonable out-of-pocket costs.
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Income Tax Returns Tax Accounting Tax Elections. Preparation of Tax Returns. Federal, state and local income tax returns of the Joint Venture shall be prepared, as required, by the Accountants for the Joint Venture. Copies of all tax returns of the Joint Venture shall be furnished for review and approval by the Executive Committee at least thirty (30) days prior to the statutory date for filing, including extension thereof, if any. If the Executive Committee shall fail to approve any such return, an application for extension of time to file shall be timely filed by the Managing Partner. All tax returns shall be prepared using the % of completion contract method of accounting, to the extent permissible, except for interest and miscellaneous income and expenses, which shall be reported currently.
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Income Tax Returns Tax Accounting Tax Elections 
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Related to Income Tax Returns Tax Accounting Tax Elections

  • INCOME TAX RETURNS Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

  • Income Tax Elections In the event of a distribution of property made in the manner provided under Section 734 of the Code, or in the event of a transfer of any Partnership Interest permitted by this Agreement made in the manner provided in Section 743 of the Code, the General Partner, on behalf of the Partnership, may, but shall not be required to, file an election under Section 754 of the Code in accordance with the procedures set forth in the applicable regulations promulgated thereunder.

  • Company Tax Returns The Company shall file all tax returns, if any, required to be filed by the Company.

  • Income Tax Returns and Reports The Trustee shall, to the extent necessary, prepare and file on behalf of the Trust appropriate United States and Canadian income tax returns and any other returns or reports as may be required by applicable law or pursuant to the rules and regulations of any securities exchange or other trading system through which the Exchangeable Shares are traded.

  • Tax Returns; Taxes Except as otherwise disclosed on Schedule 3.13:

  • Income Tax Liability Within ten 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 any “affiliated group” (within the meaning of Section 1504(a)(l) of the Code) which equal or exceed $1,000,000 in the aggregate, telephonic or telecopied notice (confirmed in writing within five Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof.

  • Amended Tax Returns (a) Subject to Section 4.4 and notwithstanding Section 2.1 and Section 2.2, a Party (or its Subsidiary) that is entitled to file an amended Tax Return for a Pre-Distribution Tax Period or a Straddle Tax Period for members of its Tax Group shall be permitted to prepare and file an amended Tax Return at its own cost and expense; provided, however, that (i) such amended Tax Return shall be prepared in a manner consistent with (and the Parties and their Affiliates shall not take any position inconsistent with) past practices of the Parties and their Affiliates or supported by an unqualified reasoned “should” or “will” opinion of a Qualified Tax Advisor, unless otherwise modified by a Final Determination or required by applicable Law, the IRS Ruling, the Tax Representation Letters, or the Tax Opinions; and (ii) if such amended Tax Return could result in one or more other Parties becoming responsible for a payment of Taxes pursuant to Article III or a payment to a Party pursuant to Article IX, such amended Tax Return shall be permitted only if the consent of such other Parties is obtained. The consent of such other Parties shall not be withheld unreasonably and shall be deemed to be obtained in the event that a Party (or its Subsidiary) is required to file an amended Tax Return as a result of an Audit adjustment that arose in accordance with Article IX.

  • Tax Returns and Tax Payments (i) The Company has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by the Company has been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). The Company is not currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed to the Company by a taxing authority in a jurisdiction where the Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction. The unpaid Taxes of the Company did not, as of the Company Balance Sheet Date, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the financial statements (rather than in any notes thereto). Since the Company Balance Sheet Date, neither the Company nor any of its subsidiaries has incurred any liability for Taxes outside the ordinary course of business consistent with past custom and practice. As of the Closing Date, the unpaid Taxes of the Company and its subsidiaries will not exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the books and records of the Company.

  • Accounting Methods; Income Tax Elections Except as disclosed in ---------------------------------------- Company SEC Reports filed before the date of this Agreement, or as required by a Governmental Entity, the Company shall not change its methods of accounting in effect at December 31, 1997, except as required by changes in GAAP as concurred in by the Company's independent auditors. The Company shall not (i) change its fiscal year or (ii) make any material tax election, other than in the ordinary course of business consistent with past practice, without consultation with Parent.

  • Certain Tax Elections The Company shall not file any election pursuant to Regulations Section 301.7701-3(c) to be treated as an entity other than a partnership. The Company shall not elect, pursuant to Code Section 761(a), to be excluded from the provisions of subchapter K of the Code.

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