Opening a Swan Account Sample Clauses

Opening a Swan Account. After carrying out the necessary checks, XXXX accepts the opening of the Account or, if necessary, refuses it on a discretionary basis, without giving reasons or the right to compensation, and indicates its decision to the End Customer. The opening of an Account is done on the basis of the information transmitted by the End Customer or the Partner (after agreement of the End Customer) to SWAN. The End User guarantees that this information is true, accurate and complete. In the case of non-professional use, the End Customer guarantees that he is a capable adult with a valid identity document (national identity card, passport or residence permit in particular). In the case of use for professional purposes, the End Customer guarantees: that they are a legal person or a natural person of full age, capable, acting for their own account for professional purposes (commercial, industrial, craft, liberal or agricultural); that its representative has all necessary authorisations to open and use the Swan Account. For the opening of the Account, SWAN may ask to collect the information and documents listed below, in whole or in part: When the End Customer is a legal or natural person acting for professional purposes : its name, legal form, capital, address of its registered office, description of its activity and identification number; an extract from the official register establishing its legal existence and containing the above information; a copy of a valid official identity document of the legal representative and their telephone number; a copy of the articles of association; any appropriate document or evidence enabling the identification of persons involved in the use of the Swan Account, i.e. the beneficial owners within the meaning of banking regulations (which are understood in particular, within the meaning of Articles L 561-2-2 and R 561-1 of the French Monetary and Financial Code, as the natural person(s) who hold, directly or indirectly, more than 25% of the Company's share capital or voting rights or who exercise, by any other means, a power of control over its management, administrative or executive bodies or over the general meeting of its shareholders); the details of an account opened in an establishment in the European Union or the European Economic Area; a description of its activity; its last tax return or its equivalent in foreign law; any other supporting documents required by XXXX. When the End Customer is a natural person not acting for profess...

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Related to Opening a Swan Account

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When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.
How Are Distributions from a Xxxxxxxxx Education Savings Account Taxed For Federal Income Tax Purposes? Amounts distributed are generally excludable from gross income if they do not exceed the beneficiary’s “qualified higher education expenses” for the year or are rolled over to another Xxxxxxxxx Education Savings Account according to the requirements of Section (4). “Qualified higher education expenses” generally include the cost of tuition, fees, books, supplies, and equipment for enrollment at (i) accredited post-secondary educational institutions offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree or another recognized post-secondary credential and (ii) certain vocational schools. In addition, room and board may be covered if the beneficiary is at least a “half-time” student. This amount may be reduced or eliminated by certain scholarships, qualified state tuition programs, HOPE, Lifetime Learning tax credits, proceeds of certain savings bonds, and other amounts paid on the beneficiary’s behalf as well as by any other deductions or credits taken for the same expenses. The definition of “qualified education expenses” includes expenses more frequently and directly related to elementary and secondary school education, including the purchase of computer technology or equipment or Internet access and related services. To the extent payments during the year exceed such amounts, they are partially taxable and partially non-taxable similar to payments received from an annuity. Any taxable portion of a distribution is generally subject to a 10% penalty tax in addition to income tax unless the distribution is (i) due to the death or disability of the beneficiary, (ii) made on account of a scholarship received by the beneficiary, or (iii) is made in a year in which the beneficiary elects the HOPE or Lifetime Learning credit and waives the exclusion from income of the Xxxxxxxxx Education Savings Account distribution. You may be allowed to take both the HOPE or Lifetime Learning credits while simultaneously taking distributions from Xxxxxxxxx Education Savings Accounts. However, you cannot claim a credit for the same educational expenses paid for through Xxxxxxxxx Education Savings Account distributions. To the extent a distribution is taxable, capital gains treatment does not apply to amounts distributed from the account. Similarly, the special five- and ten-year averaging rules for lump-sum distributions do not apply to distributions from a Xxxxxxxxx Education Savings Account. The taxable portion of any distribution is taxed as ordinary income. The IRS does not require withholding on distributions from Xxxxxxxxx Education Savings Accounts.
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