Unrelated Business Income Tax. If the Depositor directs investment of the Custodial Account in any investment which results in unrelated business taxable income, it shall be the responsibility of the Depositor to so advise the Custodian and to provide the Custodian with all information necessary to prepare and file any required returns or reports for the Custodial Account. As the Custodian may deem necessary, and at the Depositor's expense, the Custodian may request a taxpayer identification number for the Custodial Account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the Custodial Account. The Custodian may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities.
Unrelated Business Income Tax. If the Depositor directs investment of the account in any investment which results in unrelated business taxable income, it shall be the responsibility of the Depositor to so advise the Custodian and to provide the Custodian with all information necessary to prepare and file any required returns or reports for the account. As the Custodian may deem necessary, and at the Depositor's expense, the Custodian may request a taxpayer identification number for the account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the account. The Custodian may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities.
Unrelated Business Income Tax. If the Designated Beneficiary, Depositor or Responsible Individual directs investment of the account in any investment which results in unrelated business taxable income, it shall be the responsibility of the Designated Beneficiary, Depositor or Responsible Individual to so advise the Custodian and to provide the Custodian with all information necessary to prepare and file any required returns or reports for the account. As the Custodian may deem necessary, and at the Designated Beneficiary's (or Depositor's or Responsible Individual's) expense, the Custodian may request a taxpayer identification number for the account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the account. The Custodian may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities.
Unrelated Business Income Tax. I understand that my account is subject to the provisions of IRC Sections 511-514 relating to Unrelated Business Taxable Income (UBTI) of tax- exempt organizations. I agree that if I direct the Administrator to make an investment in my account which generates UBTI, I will be responsible for preparing or having prepared the required IRS Form 990-T tax return, an application for an Employer Identification Number (EIN) for my account, and any other documents that may be required, and to submit them to the Administrator for filing with the Internal Revenue Service at least ten (10) days prior to the date on which the return is due, along with an appropriate directive authorizing the Administrator to execute the forms on behalf of my account and to pay the applicable tax from the assets in my account. I understand that the Custodian and the Administrator do not make any determination of whether or not investments in my account generate UBTI; have no duty to and do not monitor whether or not my account has incurred UBTI; and do not prepare Form 990-T on behalf of my account. Responsibility for determining eligibility and tax consequences: I assume complete responsibility for 1) determining that I am eligible to make a contribution to my account; 2) ensuring that all contributions I make are within the limits set forth by the relevant sections of the Internal Revenue Code; and 3) the tax consequences of any contribution (including a rollover contribution) and distributions. Valuations: I understand that the assets in my Account may be required to be valued annually at the end of each calendar year. If required, I agree to provide the year end value of any illiquid and/or non-publicly traded investments, which may include without limitation limited partnerships, limited liability companies, privately held stock, REITs, BDCs, hedge funds, real estate, secured and unsecured promissory notes, and any other investments as the Custodian shall designate for valuation, by no later than January 15th of each year, with substantiation attached to support the value provided. NuView does not conduct appraisals and does not verify any values provided to it by the Account Owner, Investment Sponsor or any other investment representative. NuView may, as a courtesy, request on behalf of your Account a fair market value from the Investment Sponsor or pricing contact associated with the investment(s) within your Account requiring a value. Any fair market values furnished as a result...
Unrelated Business Income Tax. The Depositor acknowledges and agrees that the Custodial Account is subject to the provisions of Internal Revenue Code Sections 511-514 relating to Unrelated Business Taxable Income (UBTI) of tax-exempt organizations. If the Depositor directs the Custodian to make an investment in the Custodial Account which generates UBTI, the Depositor agrees to prepare or have prepared the required IRS Form 990-T tax return, an application for an Employer Identification Number (EIN) for the Custodial Account (if not previously obtained), and any other documents that may be required, and to submit them to the Custodian for filing with the Internal Revenue Service at least ten (10) days prior to the date on which the return is due, along with an appropriate directive authorizing the Custodian to execute the forms on behalf of the Custodial Account and to pay the applicable tax from the assets in the Custodial Account. The Depositor understands and acknowledges that the Custodian will not make any determination of whether or not investments in the Custodial Account generate UBTI; has no duty to and does not monitor whether or not the Custodial Account has incurred UBTI; and does not prepare Form 990-T on behalf of the Custodial Account.
Unrelated Business Income Tax. If the Account Beneficiary directs investment of the account in any investment which results in unrelated business taxable income, it shall be the responsibility of the Account Beneficiary to so advise the Custodian and to provide the Custodian with all information necessary to prepare and file any required returns or reports for the account. As the Custodian may deem necessary, and at the Account Beneficiary's expense, the Custodian may request a taxpayer identification number for the account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the account. The Custodian may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities.
Unrelated Business Income Tax. Any activities that would be subject to the federal unrelated business income tax;
Unrelated Business Income Tax. If it is anticipated that the contributed interest in the underlying business entity will result in a liability for unrelated business income tax (“UBIT”), then the Gift Fund is responsible for covering its attributable share of net UBIT as well as any additional administrative costs for accounting or legal services to determine the amount of any UBIT and to report it to the IRS. Accordingly, to the extent that the underlying business entity has distributed sufficient cash to CIF attributable to its interest in the underlying business entity during the year to cover this liability, such cash will be utilized for that purpose. If insufficient cash has been distributed, Opening Donor agrees to contribute liquid assets to CIF in an amount sufficient to cover any such expenses. Liquidation of Contribution: CIF accepts interests in closely held businesses with the anticipation and understanding that, within a reasonable period of time, the closely-held business interests will be converted into cash or other marketable assets. If a reasonable period of time passes with no such conversion of assets or if it can be shown at any time that the management of the underlying business entity has intentionally and in bad faith violated the provisions of the paragraph in this Agreement entitled “Distributions to CIF,” then CIF shall have the option to require the closely-held business entity to purchase its interest in the underlying business entity at the then fair market value of such interest as determined by a qualified appraiser agreed upon by CIF and the Donor, the cost of which shall be borne by the Donor, and the valuation methods of which shall be in a manner consistent with that of the appraisal to be provided by the Donor upon contribution of the interest to CIF as provided below.
Unrelated Business Income Tax. Client acknowledges that holding certain investments, such as limited partnerships and other entities with pass-through taxation characteristics, in Client’s XXX may result in Client’s XXX generating unrelated business income (“UBI”), which is reportable and taxable under certain circumstances. The amount of such tax owed related to UBI is commonly referred to as unrelated business income tax (“UBIT”). If Client’s XXX generates more than $1,000 of UBI, Client understands and agrees, unless Baird has provided Client written notice to the contrary, that Baird, in its capacity as non-discretionary trustee of Client’s XXX, will cause the XXX to file appropriate tax returns with the IRS. However, Client will remain at all times responsible for payment of any UBIT generated in Client’s XXX. Client acknowledges that UBI may be generated as a result of the yearly activities of the applicable investment, any gain realized upon the sale of such investment. Client further understands and agrees that the impact of UBI in any given year can vary substantially from a previous year and the impact of UBI in a particular year may not be determinable until the underlying investment issues year-end tax documentation. Client acknowledges and agrees Baird may engage such professional advisors as Baird deems necessary at the IRA’s cost. Client shall cooperate with Baird and such professional advisors in connection with any such engagement. Client agrees to maintain adequate funds in the XXX to pay any UBIT amounts owed to the IRS and costs of professional advisors engaged on Client’s IRA’s behalf. Client authorizes and directs Baird to effect payment of such amounts at the time any such amounts are payable. Client further agrees that to the extent liquid funds are not available in the XXX, Baird may, in its sole discretion, liquidate property held in Client’s XXX without notice to Client and apply such property and the proceeds of its liquidation toward the satisfaction of Client’s tax obligations and the cost of the IRA’s professional advisors. Subject to applicable law, Baird may determine, in Xxxxx’x sole discretion, the property to be sold from the Account and the amount, order and manner in which such property will be sold. For more information about UBI and UBIT, Client should contact Client’s Baird Financial Advisor.
Unrelated Business Income Tax. If the Depositor directs investment of the Custodial Account in any investment which results in unrelated business taxable income, it shall be the responsibility of the Depositor to XXXXX VALUE FUND CUSTODIAL AGREEMENT & DISCLOSURE STATEMENT so advise the Custodian and to provide the Custodian with all information necessary to prepare and file any required returns or reports for the Custodial Account. As the Custodian may deem necessary, and at the Depositor’s expense, the Custodian may request a taxpayer identification number for the Custodial Account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the Custodial Account. The Custodian may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities.
