Estimated Member Tax Liability definition

Estimated Member Tax Liability means a Member's proportional share of Membership Interest multiplied by 50 percent of the taxable income and gains of the Company as reported on the Company's federal income-tax return for the Fiscal Year.
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Estimated Member Tax Liability means 40% of the taxable income and gains of the Company as reported on the Company's federal partnership tax return for the fiscal year.
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Estimated Member Tax Liability means the percentage of the taxable income and gains of the Company as reported on the Company's Federal income tax return for the Fiscal Year equal to the federal, state and local income tax liability of the Member reasonably believed by the Board to be taxed at the highest effective rate.
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Examples of Estimated Member Tax Liability in a sentence

  • Where an ETB may be unsure as to what information to disclose, the ETB reserves the right to seek legal advice.


More Definitions of Estimated Member Tax Liability

Estimated Member Tax Liability means the taxable income of the Company allocable to each Member for the fiscal quarter in question, multiplied by the highest marginal federal and Minnesota state individual income tax rate then in effect. In making a decision, the Board may consider the guaranteed payments made to Class B Financial Members described in Section 6.01(a).
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Estimated Member Tax Liability for a Fiscal Year means the sum of any Distributions described in this paragraph for the Fiscal Year. If any Member provides the Board with satisfactory evidence that such Member must pay a specific amount of income taxes with respect to an allocation of Profits for a Fiscal Year of the Company (a "Member Tax Liability"), the Board shall promptly direct the Chief Financial Manager to make Distributions from such Profits to each of the Members (in proportion to their Percentage Interests in such Profits) in amounts that will result in a Distribution, to the Member who provided evidence of the highest marginal income tax rate used to compute its Member Tax Liability for such Fiscal Year, that is equal to such Member Tax Liability, but not to exceed the lesser of (a) such Member's Percentage Interest in the amount of Net Cash From Operations during that Fiscal Year, and (b) forty percent 40% of such Member's Percentage Interest in the Profits for that Fiscal Year.
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Estimated Member Tax Liability for a Member means the highest actual combined marginal federal and state tax rate percentage of any of the Members multiplied by the Company's taxable income and gains, as reported on the Company's federal income tax informational return for the Fiscal Year, allocated to such Member pursuant to this Agreement, excluding any guaranteed payments to any Members in consideration for services rendered to the Company. It shall be the obligation of each Member to submit satisfactory evidence of such Member's marginal tax rates pursuant to a policy determined by the Board from time to time.
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Related to Estimated Member Tax Liability

  • Tax Liability means the total taxes due to a municipal corporation for the taxable year, after allowing any credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding payment, or credit from another taxable year.

  • Assumed Tax Liability means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member.

  • Income Taxes means any taxes measured, in whole or in part, by net or gross income or profits together with any interest, penalties or additions to tax.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest.

  • Tax Liabilities means all liabilities for Taxes.

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • After-Tax Basis means, with respect to any payment due to any Person, the amount of such payment supplemented by a further payment or payments so that the sum of all such payments, after reduction for all Taxes payable by such Person by reason of the receipt or accrual of such payments, shall be equal to the payment due to such Person.

  • Tax Period means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law.

  • Post-Distribution Tax Period means a Tax period beginning and ending after the Distribution Date.

  • Net After-Tax Benefit means the Present Value of a Payment net of all federal state and local income, employment and excise taxes imposed on Executive with respect thereto, determined by applying the highest marginal rate(s) applicable to an individual for Executive’s taxable year in which the Change in Control occurs.

  • Total After-Tax Payments means the total of all “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to or for the benefit of the Executive (whether made hereunder or otherwise), after reduction for all applicable federal taxes (including, without limitation, the tax described in Section 4999 of the Code).

  • Tax return preparer means any individual described in Section 7701(a)(36) of the Internal Revenue Code and 26 C.F.R. 301.7701-15 .

  • Tax Adjustment has the meaning set forth in Section 4.7.

  • Seller Taxes has the meaning set forth in Section 11.1(f).

  • Straddle Tax Period means any taxable period beginning on or before and ending after the Closing Date.

  • Tax Benefit Schedule is defined in Section 2.02 of this Agreement.

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Post-Closing Straddle Period means the portion of a Straddle Period beginning the day after the Closing Date.

  • Net After Tax Amount means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101 (b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment.

  • Transaction Taxes has the meaning set forth in Section 6.01.

  • Estimated Transaction Expenses has the meaning set forth in Section 2.3(a).

  • Tax Loss means the taxable income or tax loss of the Trust, determined in accordance with Section 703(a) of the Code, for each Fiscal Year as determined for federal income tax purposes, together with each of the Trust's items of income, gain, loss or deduction which is separately stated or otherwise not included in computing taxable income and tax loss.

  • Distribution Taxes means any Taxes incurred solely as a result of the failure of the Intended Tax Treatment of the Restructuring, the Contribution or the Distribution.

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • Taxable Allocation means, with respect to any Series, the allocation of any net capital gains or other income taxable for federal income tax purposes to a dividend paid in respect of such Series.