Income Taxes Payable Clause Samples
Income Taxes Payable. The final accounting treatment of tax matters as at December 31, 2009 has not been finalized yet with the Company’s auditors. Most of the income tax payable relates to taxes calculated under FIN48, (“Accounting for Tax Uncertainties”), which obliges the Company to book unrecognized tax benefits as a liability. Based on our discussion with Management, we have reduced the amount of income tax payable by 50% (high value) to reflect the probability that this amount will eventually not be paid by the Company.
Income Taxes Payable. The Hatteras Group is treated as partnership for federal income tax purposes, and therefore, it does not owe, or account for, any federal income tax liability.
Income Taxes Payable. Assume that any existing balances are paid down immediately, after the account will remain at zero throughout the rest of the projection period.
Income Taxes Payable. Income Taxes Payable excludes California Department of Tax and Fee Administration (CDTFA) and other pass- through taxes, and includes all federal income taxes, state income taxes, and any income tax provisions in relation to income tax obligations, including Section 280E provisions due to operations in the cannabis industry. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. For URBN, the tax notice received from the IRS (notice number CP504B) on October 25, 2021, will not be included in Income Taxes Payable or elsewhere in Schedule A. If, pursuant to a final judgement, the demand amount or any other amount is paid to the IRS, it will be included as part of the actual Contingent Liability – Taxes of the Company 18-months after the Closing Date. For Harborside interest on income tax provisions are netted against the total income tax provisions. - Harborside federal income taxes payable of $13,396,555 - Harborside federal income tax provision $33,798,626 - Less interest on income tax provisions of $12,285,499