Transaction Tax Deductions. To the extent permitted under applicable Law, including for purposes of determining the Transaction Tax Deductions and preparing U.S. federal and applicable state and local income Tax Returns described in this Section 7.7, the Parties shall treat any Transaction Tax Deductions as deductible in a Pre-Closing Tax Period (including the portion of any Straddle Period ending on the Closing Date) and shall not apply the "next day rule" under Treasury Regulation Section 1.1502-76(b)(1)(ii)(B) to such Transaction Tax Deductions.
Appears in 4 contracts
Samples: Loan and Security Agreement (Biolife Solutions Inc), Stock Purchase Agreement (Biolife Solutions Inc), Loan and Security Agreement (Biolife Solutions Inc)
