Short Taxable Year Sample Clauses

Short Taxable Year. The Trustee shall prorate the Annuity Amount on a daily basis for a short first taxable year and for the short taxable year during which the payment of the Annuity Amount terminates. In the case of a taxable year which is for a period of less than twelve (12) full months, other than the last taxable year of the trust, the Annuity Amount shall be the amount otherwise determined multiplied by a fraction, the numerator of which is the number of days in the taxable year of the trust, and the denominator of which is 365 (or 366 if a leap year). If the last taxable year of the trust is less than twelve (12) full months, the Annuity Amount shall be the amount otherwise determined multiplied by a fraction, the numerator of which is the number of days in the period beginning on the first day of such taxable year and ending on the day the trust terminates, and the denominator of which is 365 (or 366 if a leap year).
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Short Taxable Year. For purposes of Sections 5.4(a) and (b), whenever it is necessary to determine the liability for Taxes of the Subject Company for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes of the Subject Company for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the Subject Company had a taxable year or period which ended at the close of business on the Closing Date, except that real, personal and intangible property Taxes and exemptions, allowances or deductions that are calculated on an annual basis, such as the deduction for depreciation, shall be apportioned on a time basis.
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Short Taxable Year. For purposes of Sections 4.2(a) and (b), ------------------ whenever it is necessary to determine the liability for Taxes of the Subject Company for a portion of a taxable year or period that begins before and ends after the Closing Date, the determination of the Taxes of the Subject Company for the portion of the year or period ending on, and the portion of the year or period beginning after, the Closing Date shall be determined by assuming that the Subject Company had a taxable year or period which ended at the close of business on the Closing Date, except that (i) real, personal and intangible property Taxes and exemptions, allowances or deductions that are calculated on an annual basis, such as the deduction for depreciation, shall be apportioned on a daily basis and (ii) gaming taxes shall be calculated on an annual basis and apportioned between the portion of the year ending on the Closing Date and the portion of the year beginning after the Closing Date in proportion to the adjusted gross proceeds determined for the gaming tax in each portion of the year using the weighted average gaming tax rate for the calendar year ending on December 31, 2004.
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Short Taxable Year. For purposes of Sections 5.3(a) and (b), whenever it is necessary to determine the liability for Taxes of the Company for a portion of a taxable year or period that begins before and ends after the Closing Date, the amount of liabilities for Taxes of the Company for the portion of such taxable year or period ending on, and the portion of such taxable year or period beginning after, the Closing Date shall be determined, to the extent possible, on the basis of an interim closing of the books as of the close of business on the Closing Date; PROVIDED, HOWEVER, that in the case of any Taxes calculated on an annual basis, and only to the extent not practicable to apply the interim closing of the books method, the amount of such liabilities for such Taxes for the applicable portion of such taxable year or period shall be equal to the amount of all such Taxes for such taxable year or period multiplied by a fraction, the numerator of which shall be the number of days from the beginning of such taxable year or period through the Closing Date, and the denominator of which shall be the number of days in such taxable year or period. For purposes of the foregoing sentence, if a taxable year or period is undefined with respect to any real or personal property Tax that is billed annually, then such Tax shall be deemed due and payable for the calendar year in which the Tax is due and payable.
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Related to Short Taxable Year

  • Taxable Year The taxable year of the Partnership shall be the calendar year.

  • Fiscal and Taxable Year The fiscal and taxable year of the Partnership shall be the calendar year.

  • Tax Benefit Schedule Within one hundred fifty (150) calendar days after the filing of the U.S. federal income Tax Return of the Corporation for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the Members a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a), and may be amended by the Parties pursuant to the procedures set forth in Section 2.4(b).

  • Code Section 754 Adjustment To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to the Allocation Regulations, to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to the Allocation Regulations.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Tax Year The tax year of the Partnership will be the calendar year.

  • Tax Deductions With respect to the Equity Compensation held by individuals who are RRD Employees or RRD directors at the time the Equity Compensation becomes Taxable and individuals who are Former RRD Employees at such time, RRD shall claim any federal, state and/or local Tax deductions after the Final Separation Date, and LSC and Donnelley Financial shall not claim such deductions. With respect to the Equity Compensation held by individuals who are LSC Employees or LSC directors at the time the Equity Compensation becomes Taxable and individuals who are Former LSC Employees at such time, LSC shall claim any federal, state and/or local Tax deductions after the LSC Distribution Date, and RRD and Donnelley Financial shall not claim such deductions. With respect to the Equity Compensation held by individuals who are Donnelley Financial Employees or Donnelley Financial directors at the time the Equity Compensation becomes Taxable and individuals who are Former Donnelley Financial Employees at such time, Donnelley Financial shall claim any federal, state and/or local Tax deductions after the Donnelley Financial Distribution Date, and LSC and RRD shall not claim such deductions. If any of RRD, LSC or Donnelley Financial determines in its reasonable judgement that there is a substantial likelihood that a Tax deduction that was assigned to RRD, LSC or Donnelley Financial pursuant to this Section 6.12 will instead be available to another of the Parties (whether as a result of a determination by the Internal Revenue Service, a change in the Code or the regulations or guidance thereunder, or otherwise), it will notify the other Party and all Parties will negotiate in good faith to resolve the issue in accordance with the following principle: the Party entitled to the deduction shall pay to the other party an amount that places the other Party in a financial position equivalent to the financial position the Party would have been in had the Party received the deduction as intended under this Section 6.12. Such amount shall be paid within ninety (90) days of filing the last Tax return necessary to make the determination described in the preceding sentence.

  • Tax Benefit Payments Section 3.1 Payments 12 Section 3.2 No Duplicative Payments 13

  • CODE SECTION 754 ELECTION Upon the approval of the General Partners, the Partnership shall file an election under Code Section 754 to adjust the tax basis of the Partnership Property, with respect to any distribution of Partnership Property to a Partner permitted by this Agreement or a Transfer of a Partnership Interest in accordance with the terms of this Agreement, in accordance with Code Sections 734(b) and 743(b). The Partners acknowledge that once a Code Section 754 election shall be validly filed by the Partnership, it shall remain in effect indefinitely thereafter unless the Internal Revenue Service approves the revocation of such election.

  • Code Section 754 Adjustments To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.

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