Assumed Income Tax Rate definition

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.

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 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;

Examples of Assumed Income Tax Rate in a sentence

• The amount, if any, distributable pursuant to this Section 4.07(d) with respect to a Fiscal Quarter shall equal (i)(x) the amount of taxable income allocable to the General Partner for such Fiscal Quarter with respect to the Carried Interest multiplied by (y) the Assumed Income Tax Rate over (ii) amounts distributed to the General Partner with respect to the Carried Interest and shall be considered an advance of the Carried Interest.

• The aggregate liability of the Investment Manager to the Members pursuant to this Section 6.2(c) shall not exceed the aggregate amount of Incentive Fee paid to the Investment Manager relative to Members pursuant to Sections 6.2(b)(i)(C) and (D), Sections 6.2(b)(ii)(B) and (C), Section 6.3 and Section 11.3(b), net of taxes in respect thereof at the Assumed Income Tax Rate.

• The aggregate liability of the Investment Manager to the Members pursuant to this Section 6.2(c) shall not exceed the aggregate amount of Incentive Fee paid to the Investment Manager relative to Members pursuant to Sections 6.2(b)(i)(C) and (D), Sections 6.2(b)(ii)(B) and (C), Section 6.3 and Section 12.3(b), net of taxes in respect thereof at the Assumed Income Tax Rate.

• 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.

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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. 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 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. 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 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 Schedule C) 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 HCRX EPA 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 HCRX EPA and its direct and/or indirect partners, members, shareholders, or other beneficial owners of the Class C Unit as U.S. taxpaying individuals or entities, as applicable, in each case in its good faith discretion. Notwithstanding the foregoing, the Assumed Income Tax Rate can only be increased to the extent HCRX EPA provides evidence to the General Partner that HCRX EPA’s direct and/or indirect partners, members, shareholders, or other beneficial owners of the Class C Unit as U.S. taxpaying individuals or entities are actually subject to a tax rate that exceeds the highest effective marginal combined U.S. federal, state and local income tax rates (including tax rates under Section 1411 of the Code) prescribed for an individual residing in New York City, New York.

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 (whichever is higher) that is resident in New York City 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 and the deductibility of state and local income taxes as applicable at the time for U.S. federal income tax purposes (and any limitations thereon, including pursuant DOCPROPERTY "Keywords" \* MERGEFORMAT Doc#: US1:14553674v14 to Section 68 of the Code); provided, that, for administrative convenience, it shall be assumed that no portion of any state and local taxes shall be deductible for so long as the limitation set forth in Section 164(b)(6)(B) of the Code remains applicable.