Common use of Net Operating Losses Clause in Contracts

Net Operating Losses. Any net operating losses resulting from exclusions available to US citizens working abroad will be considered to be for the benefit of NTL DIGITAL US INC, because the tax benefit of these personal losses will have been fully realised by the expatriate in the hypothetical tax calculation. This includes a net operating loss which is carried back or carried forward regardless of whether the income in the carryback or carry forward year is related to the International Assignment. In such instances, an expatriate must pay the amount of his tax refund received from the Internal Revenue Service and applicable state tax authority, plus interest, to NTL DIGITAL US INC. This payment is to be made within 10 days of receipt of the refund.

Net Operating Losses. Any net operating losses resulting from exclusions available to US citizens working abroad will be considered to be for the benefit of NTL DIGITAL US INCINCORPORATED, because the tax benefit of these personal losses will have been fully realised by the expatriate in the hypothetical tax calculation. This includes a net operating loss which is carried back or carried forward regardless of whether the income in the carryback or carry forward year is related to the International Assignment. In such instances, an expatriate must pay the amount of his tax refund received from the Internal Revenue Service and applicable state tax authority, plus interest, to NTL DIGITAL US INCINCORPORATED. This payment is to be made within 10 days of receipt of the refund.