INTERNAL REVENUE Clause Samples
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INTERNAL REVENUE. CODE
(a) Buyer is a manufacturer or producer of articles enumerated in chapter 32 of the Internal Revenue Code and holds Certificate of Registry number 38-750265A issued by the District Director of Internal Revenue at Detroit, Michigan. We certify that the item(s) specified on the face of this order are intended for use in the manufacture of, or as a component part of, or as a service part for an article manufactured by them.
(b) It is understood for all purposes of chapter 32 of the Internal Revenue Code that Buyer shall be considered the Manufacturer of these items and will be responsible for payment of tax on resale or use for any taxable purpose.
(c) We further state that we are aware of the penalties for fraudulent use of this certificate; namely revocation of the privilege of making future tax free purchases, a fine up to $10,000 or imprisonment for up to 5 years (or both), together with cost of prosecution.
INTERNAL REVENUE. This Trust Agreement is being entered into and the School District contributions are being made upon the condition and understanding of the School District that all payments made by the School District to this Fund are legally deductible as a business expense of the School District for tax purposes under State and Federal laws, and that the same are not taxable to the Employee as compensation. The parties hereto, individually and collectively, agree to take or cause to be taken any and all steps that may be necessary or advisable in order to obtain and maintain a tax-exempt status for this Trust. If any provisions of this Trust Agreement are held to render contributions by the School District into the Trust non-deductible for tax purposes, or taxable to the Employee, or to render income received by the Trust non-exempt from taxation, the necessary steps to remedy such non- deductibility or taxability shall be taken immediately.
INTERNAL REVENUE. CODE ELECTION If, for federal income tax purposes, this agreement and the operations under it are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each affected Party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under it. Operator is authorized and directed to execute on behalf of each affected Party evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by any requirement that each affected Party gives further evidence of this election, each Party shall execute the documents and furnish the other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No Party shall give any notices or take any other action inconsistent with this election. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each affected Party shall make that election as may be permitted or required by those laws. In making the foregoing election, each Party states that the income derived by the Party from operations under this agreement can be adequately determined without the computation of partnership taxable income.
INTERNAL REVENUE. The DRCS, Inc. is to collect and disburse such internal funds and fees as prescribed in law, rule and policy. The FSUS, Inc. will administer policies and procedures necessary to insure compliance with statute, policy and rule and generally accepted accounting practice.
INTERNAL REVENUE. CODE ELECTION
INTERNAL REVENUE. Service Audit In its review of the Company's payroll tax and information returns for the years ended 1993-1995, the Internal Revenue Service proposed adjustments based upon the assertions that the Company misclassified as independent contractors various persons who were employees of the Company, that the Company did not withhold income taxes from payments made to such persons, and that the Company failed to file its information returns timely. In addition, the Service proposed to impose interest and penalties on the Company. The matter has been under review by the Company and the Service. The Company filed a protest letter with the IRS on November 21, 1997. The Company believes that its ultimate exposure as a result of these matters should not exceed $200,000 and expects that, when the matter is adjusted, the California Franchise Tax Board will adopt a similar stance; the Schedule 3(h) to the SECURITIES PURCHASE AGREEMENT Pending Proceedings (Page 2 of 3) Company believes that its exposure under the latter will not exceed $70,000. The Company has made a preliminary provision for these contingencies in its third quarter 1997 financial statements in the amount of $75,000 and will consider adjusting that amount in fourth quarter 1997 based upon its assessment of the matter at that time.
INTERNAL REVENUE. FSUS Inc. may collect and disburse such internal fund and fees, including but not limited to the student activity fee as authorized by Section 228.053(5), Florida Statutes, as prescribed by law, rule, or policy. FSUS Inc. will administer policies and procedures necessary to insure compliance with law, rule, and policy, and shall utilize generally accepted accounting principles and practices.