Treatment of Tax Sample Clauses

Treatment of Tax. ➢ Cash inflows & Cash outflows should be taken Net of Tax provided cash inflows & outflows are part of the profit & loss account (Tax Saving or Tax Paid only on revenue items not on Capital items). ➢ Tax savings should be taken as cash inflows like tax savings on depreciation, tax savings due to loss on sale of asset. ➢ Treatment of Tax when Cash inflow & Cash outflow arises from the Beginning of each year. Example: Training expense incurred at the beginning of the Year 1 or in Year 0 `10, 000. Tax Rate@40%. Calculate Inflow & outflow for each year. Solution: Alternative 1 (Adjust Tax in year 0 itself): Year Cash Flow 0 - 10,000 + 4,000 = (-) 6,000 1 Nil Alternative 2: (Preferred by CA Institute) (Adjust Tax at year end 1): Year Cash Flow 0 -10,000 1 + 4,000 Note: There will be difference in answer under both alternatives. LOS 8: Break-even lease rentals Break-even lease rentals are those rentals at which: PV of outflow under Loan Option = PV of outflow under Lease Option
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Treatment of Tax. The Chargers and the City acknowledge and agree that, except as otherwise provided by this paragraph 2, the provisions of Section 13 of the Agreement shall remain in full force and effect and that the Chargers shall continue to be entitled to a reimbursement or credit against consideration due or to become due to the City for certain taxes (the “Taxes”) payable by the Chargers, as provided by Section 13 of the Agreement. Starting with the first Home Game in 2004 the Chargers may prorate the credit provided in Section 13 of the Agreement among the Home Games during each Regular Football Season in the following manner. For each Home Game the Chargers may take a credit equal to the total amount of tax credit to which the Chargers were entitled with respect to the preceding Regular Football Season divided by the number of Home Games (excluding Post-Season Games). If, following actual payment by the Chargers of the Taxes it is determined that the total credit taken by the Chargers for that Regular Football Season exceeds the credit the Chargers would otherwise be entitled to under Section 13, the Chargers shall pay the amount of the excess to the City within thirty (30) days following payment of such Taxes. If, following actual payment by the Chargers of the Taxes, the Chargers determine that the total credit taken by the Chargers for that Regular Football Season is less than the amount of the credit to which the Chargers would otherwise be entitled under Section 13, the Chargers may either offset the amount of the additional credit due from the next payment the Chargers are to pay the City, or require the City to reimburse the Chargers the amount of the additional credit due within thirty (30) days following notification thereof by the Chargers.
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Treatment of Tax. It is the contemplation of the parties to this Agreement that no possessory interest or similar tax shall be imposed upon the Chargers by any taxing agency or agencies in the County of San Diego or State of California during the term of this Agreement inasmuch as, among other things, the Chargers do not have exclusive and continuous use and control of the Stadium or Stadium Premises. However, in the event that any possessory interest or similar tax is imposed upon the Chargers in connection with this Agreement or the Facilities Occupancy Agreement or upon Associates in connection with the 1995 Skybox Agreement by any taxing agency or agencies in San Diego County during the term of this Agreement, then, upon payment of said tax by the Chargers or Associates, one hundred percent (100%) of the amount of said tax imposed upon the Chargers relating to this Agreement, fifty percent (50%)_ of said tax imposed upon the Chargers in connection with the Facilities Occupancy Agreement and fifty percent (50%) of said tax imposed upon Associates in connection with the 1995 Skybox Agreement, shall be a credit against any and all consideration due or to become due from the Chargers under the terms of this Agreement for the period of occupancy on which said tax is based. If said consideration has been paid prior to the time when said tax is paid, then the Chargers shall have a credit with respect to consideration to become due under the terms of this Agreement and if none, the City shall reimburse the Chargers in the amount of said tax (or fifty percent (50%) of the amount thereof with respect to the 1995 Skybox Agreement and fifty percent (50%) of the amount thereof with respect to the Facilities Occupancy Agreement) forthwith upon written request from the Chargers. The provisions of this Section 13 shall apply throughout the term of this Agreement and any extensions thereof.
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Treatment of Tax. (a) It is clarified that all taxes and duties payable by Greenply, accruing and relating to the operations of the Demerged Undertaking from the Appointed Date onwards, including all advance tax payments, tax deducted at source, any refund and claims shall, for all purposes, be treated as advance tax payments, tax deducted at source or refunds and claims of Greenlam. Accordingly, upon this Scheme becoming effective, Greenply is expressly permitted to revise, and Greenlam is expressly permitted to file their respective income tax returns, including tax deducted at source certificates, sales tax/ value added tax returns, excise returns, service tax returns and other tax returns for the period commencing on and from the Appointed Date, and to claim refunds/ credits, pursuant to the provisions of this Scheme.
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Treatment of Tax. For purposes of this title, the tax imposed by this paragraph shall be treated as im- posed by chapter 1 other than for purposes of determining the amount of any credit allow- able under chapter 1 and shall be paid by the partnership. Section 6655 shall be applied to such partnership with respect to such tax in the same manner as if the partnership were a corporation, such tax were imposed by sec- tion 11, and references in such section to taxable income were references to the gross income referred to in subparagraph (A).
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Treatment of Tax. It is the contemplation of the parties to this Agreement that no possessory interest or similar tax shall be imposed upon the Chargers by any taxing agency or agencies in the County during the term of this Agreement. However, in the event that any possessory interest or similar tax is imposed upon the Chargers in connection with the Premises or this Agreement by any taxing agency or agencies in the County during the term of this Agreement, then, upon payment of said tax by the Chargers, fifty percent (50%) of the amount of said tax, shall be a credit against any and all consideration due or to become due from the Chargers under the terms of the Stadium Agreement for the period of occupancy on which said tax is based, and if said consideration has been paid prior to the time when said tax is paid, then the Chargers shall have a credit with respect to the next consideration to become due under the terms of the Stadium Agreement and if none, the City shall reimburse the Chargers in the amount of fifty percent (50%) of said tax forthwith upon written request from the Chargers. The provisions of this Paragraph 4.3 shall apply for the term of this Agreement or any extensions thereof.
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Related to Treatment of Tax

  • Treatment of Taxes Except as otherwise provided in the Loan Agreement, the proceeds of the Loan may be withdrawn to pay for taxes levied by, or in the territory of, the Borrower or the Guarantor on the goods or services to be financed under the Loan, or on their importation, manufacture, procurement or supply. Financing of such taxes is subject to the Bank’s policy of requiring economy and efficiency in the use of the proceeds of its loans. To that end, if the Bank shall at any time determine that the amount of any taxes levied on or in respect of any item to be financed out of the proceeds of the Loan is excessive or otherwise unreasonable, the Bank may, by notice to the Borrower, adjust the percentage for withdrawal set forth or referred to in respect of such item in the Loan Agreement as required to be consistent with such policy of the Bank.”

  • Payment of Taxes The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

  • Preparation of Tax Returns The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by Limited Partners for federal and state income tax reporting purposes.

  • Payment of Premiums; Substitution of Policy; Loss Reserve; Protection of Lender If Lender required Mortgage Insurance as a condition of making the Loan, Borrower will pay the premiums required to maintain the Mortgage Insurance in effect. If Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, and (i) the Mortgage Insurance coverage required by Lender ceases for any reason to be available from the mortgage insurer that previously provided such insurance, or (ii) Lender determines in its sole discretion that such mortgage insurer is no longer eligible to provide the Mortgage Insurance coverage required by Lender, Borrower will pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Xxxxxx. If substantially equivalent Mortgage Insurance coverage is not available, Borrower will continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use, and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve will be non-refundable, even when the Loan is paid in full, and Lender will not be required to pay Borrower any interest or earnings on such loss reserve. Lender will no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower will pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 11 affects Borrower’s obligation to pay interest at the Note rate.

  • How Are Distributions from a Xxxx XXX Taxed for Federal Income Tax Purposes Amounts distributed to you are generally excludable from your gross income if they (i) are paid after you attain age 59½, (ii) are made to your beneficiary after your death, (iii) are attributable to your becoming disabled, (iv) subject to various limits, the distribution is used to purchase a first home or, in limited cases, a second or subsequent home for you, your spouse, or you or your spouse’s grandchild or ancestor, or (v) are rolled over to another Xxxx XXX. Regardless of the foregoing, if you or your beneficiary receives a distribution within the five-taxable-year period starting with the beginning of the year to which your initial contribution to your Xxxx XXX applies, the earnings on your account are includable in taxable income. In addition, if you roll over (convert) funds to your Xxxx XXX from another individual retirement plan (such as a Traditional IRA or another Xxxx XXX into which amounts were rolled from a Traditional IRA), the portion of a distribution attributable to rolled-over amounts which exceeds the amounts taxed in connection with the conversion to a Xxxx XXX is includable in income (and subject to penalty tax) if it is distributed prior to the end of the five-tax-year period beginning with the start of the tax year during which the rollover occurred. An amount taxed in connection with a rollover is subject to a 10% penalty tax if it is distributed before the end of the five-tax-year period. As noted above, the five-year holding period requirement is measured from the beginning of the five-taxable-year period beginning with the first taxable year for which you (or your spouse) made a contribution to a Xxxx XXX on your behalf. Previously, the law required that a separate five-year holding period apply to regular Xxxx XXX contributions and to amounts contributed to a Xxxx XXX as a result of the rollover or conversion of a Traditional IRA. Even though the holding period requirement has been simplified, it may still be advisable to keep regular Xxxx XXX contributions and rollover/ conversion Xxxx XXX contributions in separate accounts. This is because amounts withdrawn from a rollover/conversion Xxxx XXX within five years of the rollover/conversion may be subject to a 10% penalty tax. As noted above, a distribution from a Xxxx XXX that complies with all of the distribution and holding period requirements is excludable from your gross income. If you receive a distribution from a Xxxx XXX that does not comply with these rules, the part of the distribution that constitutes a return of your contributions will not be included in your taxable income, and the portion that represents earnings will be includable in your income. For this purpose, certain ordering rules apply. Amounts distributed to you are treated as coming first from your non-deductible contributions. The next portion of a distribution is treated as coming from amounts which have been rolled over (converted) from any non-Xxxx IRAs in the order such amounts were rolled over. Any remaining amounts (including all earnings) are distributed last. Any portion of your distribution which does not meet the criteria for exclusion from gross income may also be subject to a 10% penalty tax. Note that to the extent a distribution would be taxable to you, neither you nor anyone else can qualify for capital gains treatment for amounts distributed from your account. Similarly, you are not entitled to the special five- or ten- year averaging rule for lump-sum distributions that may be available to persons receiving distributions from certain other types of retirement plans. Rather, the taxable portion of any distribution is taxed to you as ordinary income. Your Xxxx XXX is not subject to taxes on excess distributions or on excess amounts remaining in your account as of your date of death. You must indicate on your distribution request whether federal income taxes should be withheld on a distribution from a Xxxx XXX. If you do not make a withholding election, we will not withhold federal or state income tax. Note that, for federal tax purposes (for example, for purposes of applying the ordering rules described above), Xxxx IRAs are considered separately from Traditional IRAs.

  • National Treatment on Internal Taxation and Regulation Each Party shall accord national treatment to the goods of the other Parties in accordance with Article III of GATT 1994. To this end, Article III of GATT 1994 shall be incorporated into and shall form part of this Agreement, mutatis mutandis.

  • Future Treatment of Unallowable Costs Unallowable Costs shall be separately determined and accounted for by Defendants, and Defendants shall not charge such Unallowable Costs directly or indirectly to any contracts with the United States or any State Medicaid program, or seek payment for such Unallowable Costs through any cost report, cost statement, information statement, or payment request submitted by Defendants or any of their subsidiaries or affiliates to the Medicare, Medicaid, TRICARE, or FEHBP Programs.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • FEDERAL AND STATE TAX The County is exempt from Federal and State Sales and Use Taxes for tangible personal property (Certificate of Registry for tax transactions under Chapter 32, Internal Revenue Code and Florida Sales/Use Tax Exemption Certificate). The Manager, Procurement Division will sign an exemption certificate submitted by the Contractor. Contractors doing business with the County shall not be exempted from paying sales tax to their suppliers for materials to fulfill contractual obligations with the County, nor shall any Contractor be authorized to use the County’s Tax Exemption Number in securing such materials.

  • Allocations for Tax Purposes (a) Except as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1.

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