Controlled Return definition
Examples of Controlled Return in a sentence
In connection with the defense of any audit of any Controlled Return, except with regard to claims described in Section 11(b) of this Agreement, the Tax Administrator may retain advisors and charge the reasonable cost of their services to the appropriate Group or Groups.
Penalties levied in respect of any Controlled Return shall be charged to the Group whose separate computations gave rise to such penalty.
Any proposed or actual income Tax deficiencies or refund claims, with respect to the Consolidated Return or any Prior Period Consolidated Return that arises from the business activities of a particular member and that do not otherwise affect any Controlled Return, may be defended or prosecuted by that member at its own cost and expense and with counsel and accountants of its own selection.
Tax Payments shall be made to or by USOP by or to each of the Spin-Off Companies, as the case may be, utilizing procedures substantially similar to, and determining the amount payable by or to each Group using, to the extent possible, methods substantially similar to, those provided in Sections 3(a) and 3(b) of this Agreement with respect to any Controlled Return other than a Consolidated Return for any period beginning prior to the Distribution Date and ending on or after April 25, 1998.
If any Controlled Return required to be submitted to GCG pursuant to this Section 3.1(b) has not been approved by GCG prior to the due date of such Tax return (including extensions) such Controlled Return shall be filed in the manner determined by the Tax Administrator.
GCG shall pay GenTek additional amounts equal to any Tax refunds received, from time to time, with respect to any Tax shown as payable on any Controlled Return, other than Tax refunds attributable to carryback described in Section 5.1, in each case, reduced by an amount equal to 40% of any interest paid to GCG in respect of such Tax refund by the IRS or any other taxing authority.
Except as specifically provided in this Section 3, GCG shall not, and shall not permit any of its Subsidiaries to, file or amend any Controlled Return.
Any proposed or actual income Tax deficiencies or refund claims with respect to the Consolidated Return or any Prior Period Consolidated Return which arise from the business activities of either the ITT Group or the ESI Group, and do not otherwise affect any Controlled Return, may be defended or prosecuted by the ITT Group or the ESI Group, as the case may be, at its own cost and expense and with counsel and accountants of its own selection.
GenTek shall be liable for and shall indemnify, defend and hold harmless GCG and the GCG Subsidiaries from and against any Losses incurred after the Distribution Date with respect to Taxes required to be shown as payable on any Controlled Return, other than (i) any Spinoff Tax Losses and (ii) any Losses for which GCG has indemnification responsibility, in whole or in part, pursuant to Section 6.2.
In the event that any disagreement with respect to such Controlled Return is resolved in a manner that would require the payment of additional Taxes, the Tax Administrator shall prepare and cause to be filed an amended Tax return reflecting such resolution and GenTek shall be liable for such Taxes to the extent it would have been liable to pursuant to Section 4 if such Controlled Return had been filed in the same manner as such amended Tax return.