S Corporations. 1. All S Corporations may distribute any previously taxed earnings as of June 30, 1997, to the extent of nonoperating net assets (as disclosed in the Schedules to the definitive agreement) and excess cash, plus any remaining excess cash (as set forth on the next page). To the extent nonoperating assets and cash are not sufficient to fund a portion of the distribution of previously taxed earnings, the company may complete the distribution by issuing a note payable to shareholders which will be funded by IES as soon as practical after the consummation date.
Appears in 10 contracts
Samples: Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc)
