Termination of S Status. The Company made a valid election under Section 1362(a) of the Code to be taxed in accordance with the provisions of Subchapter S of the Code, for its tax year beginning April 11, 1997 (the "S Election"). The Shareholders acknowledge that the Closing will terminate the Company's S Election pursuant to Section 1362(d)(2) of the Code.
Termination of S Status. The parties intend to terminate the Company's status as an S corporation by electing to do so under Code Section 1362(d)(1).
Termination of S Status. The Company shall terminate the Company’s status as an S corporation by electing to do so under Section 1362(d)(1) of the Code in connection with the Offering and the Stockholders shall consent to the revocation of the S corporation election by the Company, which election shall be filed and shall be effective no later than one day before the pricing of the Offering (such effective date the “Termination Date”). Notwithstanding the foregoing, the parties alternatively may agree to terminate the Company’s status as an S corporation under Section 1362(d)(2) of the Code by issuing shares of the Company’s common stock in the Offering, in which case the date of the Offering shall be the Termination Date.
Termination of S Status. The Company will terminate its status as ------------------------ an S corporation by revoking its election to be an S corporation under Section 1362(d) of the Code.
Termination of S Status. The parties acknowledge and agree that ----------------------- the Exchange will terminate the Company's status as an S corporation under Section 1362(d)(2) of the Code. The Company will notify the Internal Revenue Service ("IRS") of the termination by attaching a statement to its tax return in accordance with Treasury Regulations Section 1.1362-2(b)(1).
Termination of S Status. The Company's S corporation status shall be automatically terminated as a result of the Offering. The Company agrees to execute and file with the Internal Revenue Service any required documentation in connection with such termination, prior to the closing of the Offering. The termination of the Company's S corporation status shall be effective on the closing of the Offering.
Termination of S Status. The parties intend that the status of the Company as an S corporation shall be terminated as of the Termination Date.
Termination of S Status. The Company has elected, pursuant to Section 1362 of the Code, to be treated as an S corporation as that term is defined in Section 1361 of the Code. The parties recognize that as of at 11:59 pm (Central time) on the day before the Closing Date, the S election of the Company shall terminate and as a result of such termination, a short taxable year (ending at 11:59 pm (Central time) on the day before the Closing Date) for the Company will result (the “Short S Year”). A short taxable year not governed by the Subchapter S rules of the Code would then begin for the Company on the date of the termination of its S election (the “Short C Year”). The parties agree that income Tax items shall be allocated to the Short S Year and the Short C Year pursuant to the “closing of the books” method under the Code.
Termination of S Status. AEI's S corporation status shall be terminated as a result of revocation of such status pursuant to Section 1362(d)(1) of the Code. The Company agrees to execute and file with the Internal Revenue Service an executed election in substantially the form attached hereto to as Exhibit A, prior to the Termination Date. The termination of the AEI's S corporation status shall be effective prior to (i) its reincorporation as ATI and (ii) the closing of the Public Offering.
Termination of S Status. The Company is revoking its status as an S corporation under Section 1362 of the Internal Revenue Code of 1986, as amended (the "Code"), effective as of _____, 1997 (the "Termination Date"). The Company is also revoking its status as an S corporation in all states in which it is a qualifying S corporation effective as of such date. The Company also intends to elect to allocate its income for its current taxable year prior to the Termination Date using its normal tax accounting method (rather than the pro rata allocation method) in accordance with Treasury Regulation Section 1.1362-3(b) ("Accounting Election"). The Stockholders hereby approve such revocation and Accounting Election and agree to take all necessary steps to effect such revocation and Accounting Election.
