Xxx Treatment and Obligation to File Returns Sample Clauses

Xxx Treatment and Obligation to File Returns. The Trust shall be considered a “grantor” trust, and the Beneficiaries shall be treated as the grantors and deemed owners of the Trust. The Trustee shall file tax returns for the Trust as a grantor trust pursuant to Section 1.671-4(a) of the Tax Regulations. All earnings of the Trust, including earnings or income retained in reserve accounts or as reserves to the extent consistent with Section 4.2 above, shall be allocated to the Trust Beneficiaries on an annual basis, and each Trust Beneficiary shall be responsible to report and pay the taxes due on its proportionate share of the Trust’s income whether or not amounts are actually distributed by the Trustee to the Trust Beneficiaries to pay the tax. As a grantor trust, the Trust shall not have any separate liability for federal income taxes relating to or arising from, the conveyance, preservation or administration of Trust Assets. However, if it is later determined that a tax liability of the Trust arises, the Trustee shall be responsible for withholding all taxes required by law, and shall timely file all required federal, state or local tax returns, including information reporting returns, and shall promptly pay all taxes determined to be due. If it is determined that any taxes are owed by the Trust, the Trustee may pay from the Trust Assets any such tax liability arising out of the operations of the Trust or ownership of Trust Assets. The Trustee may establish a reserve sufficient to pay any accrued or potential tax liability arising out of the operations of the Trust or ownership of Trust Assets. Notwithstanding anything in this Agreement to the contrary, in calculating and making the payments due to Allowed Claims under the Plan, the Trustee shall be authorized to deduct from such payments any necessary withholding amount. The Trustee may in its discretion make any elections available under the Tax Code.
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