Common use of Tax Accounting Practices Clause in Contracts

Tax Accounting Practices. Any Straddle Period Returns prepared by one or more members of the Company Group or the Cygnet Group, as the case may be (the "Preparing Party"), shall be prepared in accordance with past Tax accounting practices used with respect to the Returns in question (unless such past practices are no longer permissible under the Code or other applicable Laws), and to the extent any items are not covered by past practices (or in the event such past practices are no longer permissible under the Code or other applicable Laws), in accordance with reasonable Tax accounting practices selected by the Preparing Party (except that accounting elections and determinations shall be made, where reasonably possible, in a manner that minimizes the net Tax incurred by the other party and its Affiliates). In the event the Preparing Party files Tax Returns for Straddle Periods inconsistently with such past Tax accounting practices, then, notwithstanding any provision of this Agreement to the contrary, in addition to any other remedies available, the other party and its Affiliates shall only be responsible for the amount of Taxes they would owe if such Tax Returns had been filed consistently with such past Tax accounting practices.

Tax Accounting Practices. Any Straddle Period Returns prepared by one ------------------------ or more members of the Company Group Premark Group, or one or more members of the Cygnet Tupperware Group, as the case may be (the "Preparing Party"), shall be prepared in accordance with past Tax accounting practices used with respect to the Returns in question (unless such past practices are no longer permissible under the Code or other applicable Laws), and to the extent any items are not covered by past practices (or in the event such past practices are no longer permissible under the Code or other applicable Laws), in accordance with reasonable Tax accounting practices selected by the Preparing Party (except that accounting elections and determinations shall be made, where reasonably possible, in a manner that minimizes the net Tax incurred by the other party and its Affiliates). In the event the Preparing Party files Tax Returns for Straddle Periods inconsistently with such past Tax accounting practices, then, notwithstanding any provision of this Agreement to the contrary, in addition to any other remedies available, the other party and its Affiliates shall only be responsible for the amount of Taxes they would owe if such Tax Returns had been filed consistently with such past Tax accounting practices.. 3.05