Other Tax Considerations. Notwithstanding any other provision of this Agreement to the contrary, in the event that any payment or benefit received or to be received by Employee is triggered by an event described in subparagraph (d) of Paragraph 9 of this Agreement, whether such payment or benefit is pursuant to the terms of this Agreement or any other plan, arrangement or agreement with Employer or any Affiliate of Employer (hereinafter, all such payments and benefits being sometimes referred to as "Total Payments"), and would not be deductible, either in whole or in part, by Employer or an Affiliate making such payment or providing such benefit as a result of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then, to the extent necessary to make such portion of the Total Payments deductible (and after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in any such other plan, arrangement or agreement), (A) the cash portion of the Total Payments provided in this Paragraph 20 shall first be reduced (if necessary, to zero (0)), and (B) all other non-cash Total Payments under this Paragraph 20 shall next be reduced (if necessary, to zero (0)); provided, however, that the Employee's payment shall only be reduced by this Paragraph 20 if Employer determines that reducing the Total Payments would result in greater after-tax proceeds to the Employee than if no such reduction in Total Payments had occurred. Any determination required by the preceding sentence shall be made by independent certified public accountants or tax counsel (hereinafter, such party shall sometimes be hereinafter referred to as the "Independent Adviser") selected by Employer, the selection of which shall be reasonably acceptable to Employee. In making Employer's determination as to the application and effect of this Paragraph 20 on any payments or benefits received or to be received by Employee, (i) no portion of the Total Payments shall be taken into account which in the opinion of the Independent Adviser does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code, including by reason of Section 280G(b)(4)(A) of the Code; (ii) those Total Payments provided under this Paragraph 20 shall be reduced only to the extent necessary so that the Total Payments (other than those referred to in clause (i)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section...
Other Tax Considerations. The foregoing discussion assumes, as stated above, that no U.S. Holder owns directly or indirectly, or is considered as owning by application of certain tax law rules of constructive ownership, 10% or more of the total combined voting power of all voting Units of the Sub-Fund. If more than 50 percent of the Sub-Fund’s Units were held by U.S. Holders who each owned 10 percent of the Sub-Fund’s Units, other U.S. tax law rules which are designed to prevent deferral of U.S. income taxation (or conversion of ordinary income into capital gain) through investment in non-U.S. corporations could apply to an investment in the Sub-Fund. For example, the Sub-Fund could, in such a circumstance, be considered a “controlled foreign corporation”, in which case a U.S. Holder might, in certain circumstances, be required to include in income that amount of the Sub-Fund’s earnings, if any, to which the Unitholder would have been entitled had the Sub-Fund currently distributed all of its earnings. (Under current law, such income inclusions generally would not be expected to be treated as UBTI, so long as not deemed to be attributable to insurance income earned by the Sub-Fund.) Also, upon the sale or exchange of Units of the Sub-Fund, all or part of any resulting gain could be treated as a dividend. Similar rules could apply with respect to any non-U.S. corporations that are held by a Unitholder indirectly through the Sub-Fund.
Other Tax Considerations. Tax Withholding. Federal income tax will be withheld from distributions you receive from an XXX unless you elect not to have such tax withheld. However, if XXX distributions are to be delivered outside of the United States, this withholding tax is mandatory and you may not elect otherwise unless you certify to the Custodian that you are a U.S. citizen or other U.S. person (including a resident alien individual). This tax withholding will also be mandatory if you have not provided a valid residential address within the United States. (A post office box is not deemed to be a valid residential address.) Federal income tax will be withheld at the rate of 10%, unless a higher rate is elected by you, or if non-resident alien withholding applies. In addition, state income tax may be withheld from your XXX distributions, if applicable, depending on the state of residence indicated in your legal address of record for the Account.
Other Tax Considerations. Tax Withholding. Federal income tax will generally not be withheld from distributions you receive from the Account unless you elect to have such tax withheld or the distribution represents earnings attributable to an excess contribution(s). For the portion of a distribution representing earnings attributable to an excess contribution(s), federal income tax will automatically be withheld at a rate of 10%, unless you elect out of withholding or request withholding at a higher rate. In addition, state income tax will generally not be withheld from your Xxxx XXX distributions, unless you elect to have such tax withheld or the distribution represents earnings attributable to an excess contribution(s).
Other Tax Considerations. Each of the Parties represents and warrants that it is subject to U.S. taxation under the provisions of Subchapter L of Chapter 1 of Subtitle A of the Code. The Parties agree that the Reinsurer will not be responsible for any Taxes of the Ceding Company other than Premium Taxes as provided for in this Agreement.
Other Tax Considerations. Notwithstanding any other provision of this Agreement to the contrary, in the event that any payment or benefit received or to be received by Employee is triggered by an event described in subparagraph (d) of Paragraph 9 of this Agreement, whether such payment or benefit is pursuant to the terms of this Agreement or any other plan, arrangement or agreement with Employer or any Affiliate of Employer (hereinafter, all such payments and benefits being sometimes referred to as "Total Payments"), and would not be deductible, either in whole or in part, by Employer or an Affiliate making such payment or providing such benefit as a result of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then, to the extent necessary to make such portion of the Total Payments deductible (and after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in any such other plan, arrangement or agreement), (A) the cash portion of the Total Payments provided in this Paragraph 19 shall first be reduced (if necessary, to zero (0)), and (B) all other non-cash Total Payments under this Paragraph 19 shall next be reduced (if necessary, to zero (0)); provided, however, that the Employee's payment shall only be reduced by this Paragraph 19 if Employer determines that reducing the Total Payments would result in greater after-tax proceeds to the Employee than if no such reduction in Total Payments had occurred. Any
Other Tax Considerations. For purposes of computing Indebtedness (including, without limitation, in computing the Income Tax Liability Accrual), any item of income or gain recognized on the Closing Date resulting from any transaction that is outside the ordinary course of business that is effected by the Buyer following the Closing shall be ignored. Section 7.6
Other Tax Considerations. If the amount of your Roth IRA contributions for a year exceeds the maximum permissxxxx xxxtribution, the excess contribution amount will be subject to a 6% excise tax. However, the 6% excise tax will not be imposed if you withdraw the excess contribution and any earnings on it on or before the due date for filing your federal income tax return for the year (including extensions). The amount of the excess contribution withdrawn will not be considered a premature distribution nor taxed as ordinary income, but the earnings withdrawn will be taxable income to you. Alternatively, excess contributions for one year may be carried forward and treated as a contribution in the next year to the extent that the excess, when aggregated with your Roth IRA contribution (if any) for the subsequent year, does xxx xxxxed the maximum contribution amount for that year. The 6% excise tax will be imposed on excess contributions in each year they are neither returned nor within the permitted contribution limit. If you or your beneficiary engage in any transaction prohibited by Code Section 4975 (such as any sale, exchange or leasing of any property or extension of credit between you and the account), the account will lose its tax exemption and the entire balance of the account will be treated as having been distributed to you as of the first day of the calendar year in which the transaction occurs. This distribution will be taxable as ordinary income and, if you are under age 59-1/2 at the time, will also be subject to the 10% excise tax on premature distributions. If you or your beneficiary use all or any part of your Roth IRA assets as security for a loan, the portion so used wxxx xx xreated as having been distributed, and will be taxable as ordinary income and, if you are under age 59-1/2 at the time, may also be subject to the 10% excise tax on premature distributions. If you elect during your lifetime to have all or any part of your Roth IRA payable to a beneficiary upon your death, the electixx xxxx not subject you to any gift tax liability. Federal income tax will be withheld from any taxable distributions you receive from a Roth IRA unless you elect not to have taxes withheld. Such an xxxxxxxn must be in writing; election forms are available from MFS Service Center, Inc. Contributions to a Roth IRA are includible in taxable income for federal income xxx xxxxoses, and therefore must be reported on Form 1040 or 1040A. In addition, a Form 5329 must be filed for any year in...
Other Tax Considerations. Legislative or Other Actions Affecting REITs—Changes in the Tax Cuts and Jobs Act of 2017 The TCJA was passed by Congress on December 20, 2017 and signed into law by President Xxxxx on December 22, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their stockholders. Technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may be forthcoming at any time. We cannot predict the long-term effect of the TCJA or any future law changes on REITs or their stockholders. Below is a brief summary of the key changes in TCJA that directly impact REITs and their stockholders with respect to an investment in REITs. The changes described below are effective for taxable years beginning after December 31, 2017, unless otherwise noted. Investors should consult with their tax advisors regarding the effect of the TCJA on their circumstances (including the impact of other changes enacted as part of the TCJA that do not directly relate to REITs and thus are not discussed here).
Other Tax Considerations. TREATMENT OF CHARGES FOR OPTIONAL BENEFITS The Contract may provide one or more optional enhanced death benefits or other minimum guaranteed benefit that in some cases may exceed the greater of purchase price or the Contract Value. It is possible that the Internal Revenue Service may take the position that the charges for the optional enhanced benefit(s) are deemed to be taxable distributions to you. Although we do not believe that a charge under such optional enhanced benefit should be treated as a taxable withdrawal, you should consult with your tax adviser before selecting any rider or endorsement to the Contract. Certain living benefits may not be made available under contracts issued to a designated beneficiary after the Owner's death (e.g. a "Stretch IRA" or a Stretch NQ contract) or, where otherwise made available, may have limited value due to minimum distributions required to be made under the tax law after the owner's death. Consult your tax advisor. Where made available under the Contract, certain optional benefits may be inappropriate under IRA and other tax-qualified contracts due to required minimum distribution requirements. Consult your tax advisor. Final income tax regulations regarding minimum distribution requirements were released in June 2004. These regulations affect both deferred and income annuities. Under these new rules, effective with respect to minimum distributions required for the 2006 distribution year, in general, the value of all benefits under a deferred annuity (including death benefits in excess of cash value, as well as all living benefits) must be added to the account value in computing the amount required to be distributed over the applicable period. We will provide you with additional information as to the amount of your interest in the Contract that is subject to required minimum distributions under this new rule and either compute the required amount for you or offer to do so at your request. The new rules are not entirely clear and you should consult your own tax advisors as to how these rules affect your own Contract.
