Assumed Income Tax Rate means the highest effective combined marginal U.S. federal, state and local income tax rate applicable to an individual or corporation that is resident in New York City (whichever is higher) for such taxable year (taking into account the net investment income tax under Section 1411 of the Code, to the extent applicable), taking into account the character (long-term capital gain, qualified dividend income, tax exempt income, etc.) of the taxable income in question.
Assumed Income Tax Rate means the highest effective marginal combined U.S. federal, state and local income tax rate (including tax rates under Section 1411 of the Code) for a Fiscal Year (as defined in Annex B) prescribed for an individual residing in New York City, New York, taking into account: (a) the deductibility of state and local income taxes for U.S. federal income tax purposes, if any, and (b) the character of the applicable income (e.g., long-term or short-term capital gain or ordinary or exempt); provided, however, that EPA Holdings shall be permitted to reasonably adjust the calculation of the Assumed Income Tax Rate in an equitable manner after taking into account the status of EPA Holdings and its direct and/or indirect partners, members, shareholders, or other beneficial owners of the C Share as U.S. taxpaying individuals or entities, as applicable, in each case in its good faith discretion;
Assumed Income Tax Rate means the highest effective combined marginal U.S. federal, state and local income tax rate applicable to an individual or corporation that is resident in New York, New York (whichever is higher) for such taxable year (taking into account the net investment income tax under Section 1411 of the Code and the deductibility of state and local taxes, in each case to the extent applicable), taking into account the character (long-term capital gain, qualified dividend income, tax exempt income, etc.) of the taxable income in question.
Examples of Assumed Income Tax Rate in a sentence
The amount which must be repaid by the General Partner to the Fund in respect of any Limited Partner shall not exceed the amounts distributed to the General Partner as Carried Interest pursuant to Sections 7.2(b)(iii), 7.3 and 13 in respect of such Limited Partner after deducting from such amount the aggregate income tax liability of each Person whose tax liability is determined by reference to the income of the General Partner determined by using the Assumed Income Tax Rate.
The amount distributable pursuant to this Section 7.2(f) shall be determined by the General Partner in its reasonable discretion, based on the Assumed Income Tax Rate and other reasonable assumptions as the General Partner determines in good faith to be appropriate.
The amount distributable pursuant to this Section 3.6 shall be determined by the General Partner in its discretion, using the Assumed Income Tax Rate.
In no event will any Guarantor be obligated hereunder with respect to the Clawback Obligation in an amount that exceeds the total Carried Interest distributions received by such Guarantor from the General Partner minus the product of (a) such total and (b) the Assumed Income Tax Rate.
More Definitions of Assumed Income Tax Rate
Assumed Income Tax Rate means the highest effective marginal combined federal, state and local income tax rate for an Allocation Period prescribed for any individual resident in metropolitan Atlanta, Georgia and its suburban areas, (taking into account the character of income (i.e., ordinary vs. capital gains) and, after taking into account limitations imposed under the alternative minimum tax, the deductibility of state and local income taxes for federal income tax purposes and the rates applicable to income of the relevant character), or such other jurisdiction as determined in the sole discretion of the General Partner.
Assumed Income Tax Rate means the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual resident in New York, New York.
Assumed Income Tax Rate means the highest effective marginal combined federal, state and local income tax rate for a Fiscal Year prescribed for any individual or corporation resident in Boston, Massachusetts (taking into account the deductibility of state and local income taxes for federal income tax purposes).
Assumed Income Tax Rate. The highest effective marginal statutory combined U.S. federal, state and local income tax (including, without limitation, any tax imposed under Section 1401 and 1411 of the Code) rate for a Fiscal Year prescribed for an individual residing in New York City, New York (taking into account (a) the limitations on the deductibility of expenses and other items for U.S. federal income tax purposes and (b) the character (e.g., long-term or short-term capital gain or ordinary income or qualified dividend income) of the applicable income).
Assumed Income Tax Rate. A rate equal to 50% with respect to ordinary income and 30% with respect to capital gains; provided that the General Partner shall, in its reasonable judgment, and in consultation with its tax advisors, from time to time adjust such rates to reflect the prevailing highest effective marginal combined federal, state and local tax rate generally applicable to the direct and indirect members of the General Partner (taking into account the character of the income (i.e., ordinary vs. capital gains) and the deductibility of any state and local income taxes).
Assumed Income Tax Rate means the highest effective marginal combined federal, state and local income tax rate for a fiscal year prescribed for any individual or corporation resident in Palm Beach, Florida (taking into account the character of income and the deductibility of state and local income taxes for federal income tax purposes).
Assumed Income Tax Rate. The highest effective marginal combined U.S. federal, state and local income tax rate (including the Net Investment Income Tax under Section 1411 of the Code) that is applicable, taking into account the character of the relevant income for a Fiscal Year prescribed for an individual resident in any jurisdiction in which any member of the General Partner resides, with such income tax calculated by assuming that the tax rate imposed is the Assumed Income Tax Rate in effect in the Fiscal Year of any such allocation or distribution.