Common use of Tax Year Clause in Contracts

Tax Year. The Trust shall adopt the calendar year as its taxable year (“Tax Year”). The first Tax Year of the Trust shall commence on the date of filing of the Certificate of Trust and shall end on the December 31 of the year during which the Certificate of Trust was initially filed. If, after commencement of operations, applicable tax rules require the Trust to adopt a taxable year other than the calendar year, the term “Tax year” for the Trust shall mean such other taxable year as required by Code section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the Internal Revenue Service. The Tax Year in which the Trust shall terminate shall end on the date of such termination.