Members’ Tax Reporting Sample Clauses
The Members’ Tax Reporting clause outlines the obligations of members in a partnership or similar entity to provide accurate and timely tax-related information. Typically, this clause requires each member to furnish necessary tax documents, such as tax identification numbers or completed forms, to the entity or its designated tax preparer. It may also specify deadlines for submission and address the handling of tax audits or inquiries. The core function of this clause is to ensure compliance with tax laws and facilitate the accurate preparation and filing of the entity’s tax returns, thereby minimizing the risk of penalties or delays due to incomplete or incorrect member information.
Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the allocations made pursuant to this ARTICLE V and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of this ARTICLE V in reporting their shares of Company income, gain, loss, deduction and credit for federal, state and local income tax purposes.
Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the allocations made pursuant to this Article VI and, except as may otherwise be required by Law, hereby agree to be bound by the provisions of this Article VI in reporting their shares of Company income, gain, loss, deduction and credit for federal, state and local income tax purposes.
Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the allocations made by Section 4.3 and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of Section 4.3 in reporting their shares of Company income, gain, loss and deductions for federal, state and local income tax purposes.
Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the allocations made by this Article VIII and hereby agree to be bound by the provisions of this Article VIII in reporting their shares of Company income, gain, loss and deductions for federal, state and local income tax purposes, and each Member agrees not to take a position in preparing a tax return that requires it to file a notice of inconsistent treatment under Code Section 6222(b) taking a position for federal income tax purposes as to treatment of a partnership item (within the meaning of Code Section 623l(a)(3)) that is inconsistent with the treatment of that item by the Company.