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Common use of State and Local Taxes Clause in Contracts

State and Local Taxes. If Nationwide Provident and any Subsidiaries of Nationwide Provident, are eligible, but not required, to file consolidated or combined state or local income or franchise tax returns for any Tax Year, Nationwide Provident shall determine, in its sole discretion, whether to file any such return for such Tax Year. In the event that Nationwide Provident shall elect for any Tax Year so to file consolidated or combined state or local income or franchise tax returns (or in the event that Nationwide Provident shall be required to file such returns), each Subsidiary shall pay to Nationwide Provident an amount equal to the amount of state or local income or franchise tax for such Tax Year that such Subsidiary would pay as a separate corporation. Nationwide Provident shall pay to each Subsidiary the amount of any refunds such Subsidiary would have received from any state or local authority had it filed separate returns for such Tax Year. Principles analogous to those applicable to computations, payments, refunds, elections and adjustments for federal income taxes provided for in this Agreement shall apply to such state and local income and franchise taxes.

Appears in 1 contract

Samples: Tax Sharing Agreement (Nationwide Financial Services Inc/)

State and Local Taxes. If Nationwide Provident Financial and any Subsidiaries of Nationwide ProvidentFinancial, are eligible, but not required, to file consolidated or combined state or local income or franchise tax returns for any Tax Year, Nationwide Provident Financial shall determine, in its sole discretion, whether to file any such return for such Tax Year. In the event that Nationwide Provident Financial shall elect for any Tax Year so to file consolidated or combined state or local income or franchise tax returns (or in the event that Nationwide Provident Financial shall be required to file such returns), each Subsidiary shall pay to Nationwide Provident Financial an amount equal to the amount of state or local income or franchise tax for such Tax Year that such Subsidiary would pay as a separate corporation. Nationwide Provident Financial shall pay to each Subsidiary the amount of any refunds such Subsidiary would have received from any state or local authority had it filed separate returns for such Tax Year. Principles analogous to those applicable to computations, payments, refunds, elections and adjustments for federal income taxes provided for in this Agreement shall apply to such state and local income and franchise taxes.

Appears in 1 contract

Samples: Tax Sharing Agreement (Nationwide Financial Services Inc/)

State and Local Taxes. If Nationwide Provident and any Subsidiaries of Nationwide Provident--------------------- Nationwide, are eligible, but not required, to file consolidated or combined state or local income or franchise tax returns for any Tax Year, Nationwide Provident shall determine, in its sole discretion, whether to file any such return for such Tax Year. In the event that Nationwide Provident shall elect for any Tax Year so to file consolidated or combined state or local income or franchise tax returns (or in the event that Nationwide Provident shall be required to file such returns), each Subsidiary shall pay to Nationwide Provident an amount equal to the amount of state or local income or franchise tax for such Tax Year that such Subsidiary would pay as a separate corporation. Nationwide Provident shall pay to each Subsidiary the amount of any refunds such Subsidiary would have received from any state or local authority had it filed separate returns for such Tax Year. Principles analogous to those applicable to computations, payments, refunds, elections and adjustments for federal income taxes provided for in this Agreement shall apply to such state and local income and franchise taxes.

Appears in 1 contract

Samples: Tax Sharing Agreement (Nationwide Financial Services Inc/)

State and Local Taxes. If Nationwide Provident Life and any Subsidiaries of Nationwide ProvidentLife, are eligible, but not required, to file consolidated or combined state or local income or franchise tax returns for any Tax Year, Nationwide Provident Life shall determine, in its sole discretion, whether to file any such return for such Tax Year. In the event that Nationwide Provident Life shall elect for any Tax Year so to file consolidated or combined state or local income or franchise tax returns (or in the event that Nationwide Provident Life shall be required to file such returns), each Subsidiary shall pay to Nationwide Provident Life an amount equal to the amount of state or local income or franchise tax for such Tax Year that such Subsidiary would pay as a separate corporation. Nationwide Provident Life shall pay to each Subsidiary the amount of any refunds such Subsidiary would have received from any state or local authority had it filed separate returns for such Tax Year. Principles analogous to those applicable to computations, payments, refunds, elections and adjustments for federal income taxes provided for in this Agreement shall apply to such state and local income and franchise taxes.

Appears in 1 contract

Samples: Tax Sharing Agreement (Nationwide Financial Services Inc/)