Common use of Tax Benefit Clause in Contracts

Tax Benefit. Tax Benefit" means a reduction in the Tax liability of a taxpayer (or of the Affiliated Group of which it is a member) for any taxable period. A Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent that the Tax liability of the taxpayer (or of the Affiliated Group of which it is a member) for such period, after taking into account the effect of the Tax Item on the Tax liability of such taxpayer in the current period and all prior periods, is less than it would have been if such Tax liability were determined without regard to such Tax Item.

Tax Benefit. Tax Benefit" means a reduction in the Tax liability Liability of a taxpayer (or of the Affiliated Group of which it is a memberIvex Consolidated Group) for any taxable period. A Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent that the Tax liability Liability of the taxpayer (or of the Affiliated Group of which it is a memberIvex Consolidated Group) for such period, after taking into account the effect of the Tax Item on the Tax liability Liability of such taxpayer in the current period and all prior periods, is less more than it would have been if such Tax liability Liability were determined without regard to such Tax Item.