OWNERSHIP FOR TAX PURPOSES. Each of Purchaser and Sellers agree that, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers shall be treated as the owners of the Escrow Corpus and that Sellers shall report the income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus as income, if any, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
Appears in 2 contracts
Samples: Escrow Agreement (ARC Group Worldwide, Inc.), Escrow Agreement
OWNERSHIP FOR TAX PURPOSES. Each of Purchaser Buyer and Sellers agree that, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers Buyer shall be treated as the owners owner of the Escrow Corpus and that Sellers Buyer shall report the income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus as income, if any, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
Appears in 2 contracts
Samples: Escrow Agreement (ARC Group Worldwide, Inc.), Escrow Agreement
OWNERSHIP FOR TAX PURPOSES. Each of Purchaser and Sellers agree that, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers shall will be treated as the owners owner of the Escrow Corpus Funds and that Sellers shall will report the income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus Funds as its income, if any, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.
Appears in 1 contract
Samples: Partnership Interest Purchase Agreement (America First Multifamily Investors, L.P.)
OWNERSHIP FOR TAX PURPOSES. Each of Purchaser and Sellers Seller agree thatthat Seller, solely for purposes of United States federal and other taxes based on income, and for no other purpose, Sellers shall will be treated as the owners owner of the Escrow Corpus Fund; however, Seller and that Sellers shall Purchaser will report the all income, if any, that is earned on, or deemed earned upon, or derived from, the Escrow Corpus Fund and which each receives as its income, if anyrespectively, in the taxable year or years in which such income is properly includible included and pay any taxes attributable thereto. This understanding does not affect the rights of the parties to the Escrow Fund under the Purchase Agreement.
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