Potential Tax Impact Sample Clauses

Potential Tax Impact a) Any credit to your Protected Account as a result of qualifying for a Credit Protection Benefit may be considered taxable income to you or your estate. If you have questions about the potential tax impact to you or your estate, you should consult your tax advisor.
Sample 1
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Potential Tax Impact. Section 7872 of the Internal Revenue Code, pertaining to taxation of imputed interest on below-market loans, may affect your personal income tax liability. There is a possibility that the refundable portion of the Accommodation Fee may be treated as a below- market loan made to RIVERVIEW VILLAGE and might be subject to possible income taxing under this Internal Revenue Code Section. In the event the IRS determines that this code section is applicable to your Accommodations Fee, the Internal Revenue Service could calculate interest on the refundable portion of your Accommodation Fee and charge you with income tax on the interest even though no interest payment is actually received by you. You should contact your accountant or attorney to determine the affect of this code section on your liability for income tax.
Sample 1

Related to Potential Tax Impact

  • Tax Implications Without limitation, we do not accept liability for any adverse tax implications of any Transaction whatsoever.

  • Not Tax Deductible For purposes of this Settlement Agreement, Xxxxx shall not deduct any monies spent to comply with any provision of this Settlement Agreement in calculating and submitting its federal, state, or local income tax.

  • General Tax Covenant The Recipient shall not take any action or fail to take any action which would adversely affect the exclusion of interest on the Infrastructure Bonds from gross income for federal income tax purposes;

  • Bilingual Differential Pay Bilingual Differential Pay applies to those positions designated by the Department of Personnel Administration as eligible to receive bilingual pay according to the following standards:

  • Excise Tax The State of California is exempt from Federal Excise Taxes, and no payment will be made for any taxes levied on employees' wages.

  • Underpayments a. In the event the employee does not receive the wages or benefits to which the record/documentation has for all times indicated the employer agreed the employee was entitled, the Agency shall notify the employee in writing of the underpayment. This notification will include information showing that an underpayment exists and the amount of wages and/or benefits to be repaid. The Agency shall correct any such underpayment made within a maximum period of two (2) years before the notification.

  • Underpayment In the event of a change which results in an underpayment to an employee, the employee shall be properly compensated on or before the next possible paycheck following discovery of the error. Upon request, the District shall provide the employee with specific written explanation for the underpayment through the Payroll Contact Person at the employee’s location.

  • Tax Examinations Abroad 1. A Contracting Party may allow representatives of the competent authority of the other Contracting Party to enter the territory of the first-mentioned Party to interview individuals and examine records with the written consent of the persons concerned. The competent authority of the second-mentioned Party shall notify the competent authority of the first-mentioned Party of the time and place of the meeting with the individuals concerned.

  • Bilingual Differential When formally assigned in the employee’s position description, an employee assigned to interpret to or from another language to English will receive a differential of five percent (5%) of base pay.

  • Total Payments Total Payment to the Developer will not exceed $68,669 as referenced in Exhibit B. Contract payments above $68,669 are contingent upon the sale of completed projects and extended grant authority as a result of program income generated by the project.

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