Subchapter S Corporation Sample Clauses

Subchapter S Corporation if the Borrowers are Subchapter S corporations, make distributions to their shareholders during any fiscal year of the Borrowers in an aggregate amount greater than the amount necessary to pay federal and state income taxes upon the Borrowers’ undistributed income for such year;

Subchapter S Corporation. Capitalization Date: Equity:

Subchapter S Corporation. Seller is and has been at all times since January 1st, 2015 a validly electing S-corporation within the meaning of Section 1361 and Section 1362 of the Code.

Subchapter S Corporation. The Company has not elected pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), to be treated as a Subchapter S corporation or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of the Code, nor has it or the Predecessor made any other elections pursuant to the Code (other than elections that relate solely to methods of accounting, depreciation or amortization) that would have a Material Adverse Effect on the Division. The Division has never had any tax deficiency proposed or assessed against it and has not executed any waiver of any statute of limitations on the assessment or collection of any tax or governmental charge. None of the Division's federal income tax returns and none of its state income or franchise tax or sales or use tax returns has ever been audited by governmental authorities. Since the date of the Financial Statements, the Division has made adequate provisions on its books of account for all taxes, assessments and governmental charges with respect to its business, properties and operations for such period. The Division has withheld or collected from each payment made to each of its employees, the amount of all taxes (including, but not limited to, federal income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment Tax Act taxes) required to be withheld or collected therefrom, and has paid the same to the proper tax receiving officers or authorized depositories.

Subchapter S Corporation. If an election to be treated as an "S" Corporation under the Internal Revenue Code of 1986 or any amendment thereof ("Code") shall then be in effect, no shares of the corporation's stock may be sold to any person or entity which, at such time, would not be a qualified shareholder of an "S" Corporation under such Code.