Estimated Tax Liability definition

Estimated Tax Liability means, with respect to each Partner for each Fiscal Year or other period of the Partnership, an amount equal to the product of (i) such percentage rate reasonably determined each year by the General Partner in consultation with the Partnership’s accountant to equal the effective marginal rate of combined local, state, federal income tax and federal Medicare tax (imposed by Code Section 1411 on income and gain allocated by the Partnership) applicable to the Partners, after taking into consideration the character and amount of income and gains recognized by the Partnership during the Fiscal Year to which such determination relates, times (ii) the amount of a Partner’s share of Net Profits for each Fiscal Year of the Partnership allocated pursuant to Sections 5.2 or 5.4 hereof for such Fiscal Year (or other period).

Estimated Tax Liability means the amount that a taxpayer estimates to be the taxpayer's liability for a municipal corporation's income tax for a year prior to applying any credits, estimated tax payments, or withheld taxes for the year.

Estimated Tax Liability means the amount that a taxpayer estimates to be the taxpayer’s liability for a municipal corporation’s income tax for a year prior to applying any credits, estimated tax payments, or withheld taxes for the year.

Examples of Estimated Tax Liability in a sentence

• Subject to any restrictions in any indebtedness of the Company or the Subsidiaries or in the Exchange Agreement, the Managing Member shall cause the Company to distribute to the Members, pro rata according to the number of Units held by such Member, cash distributions equal to the amount necessary to satisfy the “Quarterly Estimated Tax Liability with respect to the Company’s Income” (the “Quarterly Distributions”).

• In the event such Partner receives an amount pursuant to this Section 6.6 which the General Partner in good faith determines is (i) less than the Estimated Tax Liability, then the Partnership shall promptly distribute any shortfall, or (ii) greater than the amount such Partner was entitled to receive pursuant to Section 6.1 hereof, such Partner shall immediately return to the Partnership the difference between the amount received and the amount which should have been distributed.

• As promptly as possible, but in no event later than three (3) days prior to the estimated tax due date of each fiscal quarter (i.e. no later than April 12, June 12, September 12 and December 12) the Managing Member shall cause to be prepared and delivered to each Member a statement of the Quarterly Estimated Tax Liability with respect to the Company’s Income calculated pursuant to Section 5.4(a).

• Estimated Tax Liability (use Tax Computation Table below to compute this entry).

• The LLC shall make a Tax Distribution prior to the tenth day of April, June, September and January of each fiscal year in an amount equal to one quarter (1/4) of the Members' Estimated Tax Liability.

More Definitions of Estimated Tax Liability

Estimated Tax Liability has the meaning given to that expression in Schedule 6.

Estimated Tax Liability means an amount equal to 45% of the estimated taxable income of Dakota and DakBev for the period from January 1, 1999 through the date of Closing. In the event the amount of taxable income: (i) on the Pohlad Return allocable to Dakota and DakBev or as may be redetermined by the Internal Revenue Service ("IRS") upon audit, differs from the amount of taxable income on the statement delivered to PPR pursuant to this Section 7.12(c), Pohlad shall pay (in the event the taxable income allocable to Dakota and DakBev on the Pohlad Return, or as redetermined by IRS, is less) to PPR, or PPR shall pay to Pohlad (in the event the taxable income allocable to Dakota and DakBev in the Pohlad Return, or as redetermined by IRS, is greater) 45% of the difference in taxable income allocable to Dakota and DakBev within ten (10) days from the date the Pohlad Return is filed or the redetermination becomes final and nonappealable (as the case may be).

Estimated Tax Liability means, with respect to any Member and any tax year of the Company, the amount of taxable income and gain allocated to such Member for federal income tax purposes in the Company’s tax return filed or to be filed with respect to such tax year, multiplied by the highest combined federal and Massachusetts income tax rates for individuals or corporations (whichever combined tax rate is higher) on each type of income included in such tax return, taking into account (i) any nondeductibility for state tax purposes of any item that is deductible for federal tax purposes, (ii) any deductibility for federal tax purposes of state income taxes and (iii) the deductibility of any item for state income tax purposes that is not deductible for federal income tax purposes.

Estimated Tax Liability means $87,628.

Estimated Tax Liability has the meaning set forth in Section 4.5 below.

Estimated Tax Liability shall have the meaning given such term in Section 5.7 of this Agreement.

Estimated Tax Liability means an amount equal to the sum of the products determined by multiplying the aggregate federal taxable income allocated to the Members pursuant to paragraph 5.02(a)(iv) in each year of the Fund’s term, by the highest federal income tax rate payable by an individual filing a separate return for such tax year. For purposes of example only, if in 2019, 2020 and 2021 the Members were allocated federal taxable income pursuant to paragraph 5.02(a)(iv) of $20,000, $25,000 and $30,000, respectively, and the highest applicable rates were 28%, 34% and 30%, then the Estimated Tax Liability of each Member would be $23,100 ($5,600+$8,500+9,000).