Payments Related to Future Adjustments. In the event that any final determination of an adjustment (by reason of an amended return, claim for refund, audit, judicial decision or otherwise, which determination occurs after the Termination Date (each, a “Tax Proceeding”)) results in an increase in S Corporation Taxable Income, the Company shall distribute to the each Shareholder within 30 days of such final determination, cash in an amount equal to (i) the product of (A) the amount of increase in taxable income to such Shareholder resulting from the adjustment and (B) the Assumed Tax Rate plus (ii) any interest and penalties imposed thereon.
Appears in 6 contracts
Samples: S Corporation Termination and Tax Sharing Agreement (Five Star Bancorp), S Corporation Termination and Tax Sharing Agreement (Five Star Bancorp), S Corporation Termination and Tax Sharing Agreement (William Bradford Haines Financial Services Trust)
Payments Related to Future Adjustments. In the event that any final determination of an adjustment (by reason of an amended return, claim for refund, audit, judicial decision or otherwise, which determination occurs after the Termination Date (each, a “Tax Proceeding”)) results in an increase in the taxable income of the Company for any year during which the Company qualified as an S Corporation Taxable IncomeCorporation, including the S Short Year, the Company shall distribute to the each Shareholder within 30 days of such final determination, cash in an amount equal to (i) the product of (A) the amount of increase in taxable income to such Shareholder resulting from the adjustment and (B) the Assumed Tax Rate plus (ii) any interest and penalties imposed thereon.
Appears in 2 contracts
Samples: S Corporation Termination and Tax Sharing Agreement (FB Financial Corp), S Corporation Termination and Tax Sharing Agreement (FB Financial Corp)
Payments Related to Future Adjustments. In the event that any final determination of an adjustment (by reason of an amended return, claim for refund, audit, judicial decision or otherwise, which determination occurs after the Termination Date (each, a “Tax Proceeding”)) results in an increase in S Corporation Taxable Income, the Company shall distribute to the each Shareholder within 30 days of such final determination, cash in an amount equal to (i) the product of (A) the amount of increase in taxable income to such Shareholder resulting from the adjustment and (B) the Assumed Tax Rate plus (ii) any interest and penalties imposed thereon.
Appears in 2 contracts
Samples: S Corporation Termination and Tax Sharing Agreement (Vertex, Inc.), S Corporation Termination and Tax Sharing Agreement (Vertex, Inc.)
