Flip Tax definition

Flip Tax means thirty percent (30%) of the Sale Profit from any Sale of Shares by a Shareholder; provided, however, that, if such Shareholder acquired such Shares within three (3) years preceding the date of such Sale, and such acquisition was not through foreclosure or inheritance, “Flip Tax” shall mean one hundred percent (100%) of the Sale Profit from such Sale of Shares.
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Flip Tax means restructure the form of incorporation under which the current shareholders would hold shares in a U.S. resident company which owns 100% of the shares of the Company. 2.15 “IPO” means the initial public offering of the Company’s shares and the listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading system.
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Flip Tax means a restructure of the form of incorporation under which the then current shareholders of the Company would hold shares in a U.S. resident company which owns 100% of the shares of the Company.
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Examples of Flip Tax in a sentence

  • Following the computation of the Shareholder Transfer Fee, the Flip Tax shall be computed by deducting from the Gross Profits, the Shareholder Transfer Fee payable in connection with such sale.

  • PLEASE NOTE THE FOLLOWING IMPORTANT INFORMATION: ⮚ Flip Tax: NONE ⮚ Maximum Financing : permitted up to 75% of the purchase price ⮚ Guarantors: not accepted ⮚ Smoking: All applicants must be non-smoking and must acknowledge that they and their guests will not smoke in the apartment at any time.

  • At the annual meeting of the Co-Op's shareholders on November 8, 2000, the shareholders voted to ratify and implement the Flip Tax (id.).

  • Both payments were made.The Board asserts that the transfer of the beneficial ownership of 60G was either invalid as the Board did not consent to such transfer or otherwise requires payment of the Flip Tax pursuant to Paragraph 16(a) of the Lease, which has not been paid (Compl., ¶ 21-22).

  • The Board shall supervise the transfer of Shares in such a manner as to implement the rules and restrictions established for transfers in the Certificate of Incorporation and the Proprietary Lease and shall not make any transfer except on proof that the Corporation shall receive a resale tax (Flip Tax) on the Apartment Profit received on each sale, transfer or exchange of the individual units in the Housing Project according to the schedule contained in Article XV of these by-laws.

  • Apartment Transfer Fee ("Flip Tax") The Corporation charges a Transfer Fee (“Flip Tax”) of either one percent (1%) of the gross sales price or $10.00 per share payable to the Corporation before the transfer of any shares and assignment of a proprietary lease.

  • The Flip Tax, which is levied against the seller, shall be assessed against the resale profits received by the seller from all payments made by a purchaser of these shares, whether made at closing or by later installments on a purchase moneymortgage.

  • The rotor with at least 10 vessels shall be supplied with the device.” “1 Multiwave burning device for ICP The minimum competencies required for the device or devices that we will perform laboratory analyzes are specified in the technical specifications in a way that does not prevent competition and participation in the tender on equal terms.

  • FEES TO BE COLLECTED AT CLOSING: (NON-REFUNDABLE) SELLER’S FEES: Administrative Fee: $600 payable to Excel Bradshaw Management Group, LLC ($300 additional if closing is out of EBMG offices)• Flip Tax: 1% of sale price payable to 325 W.

  • If you decide to have your application expedited, please submit the $250.00 fee along with the enclosed expedite authorization form with the completed application along with the above mentioned listed fees.** PLEASE NOTE THE FOLLOWING IMPORTANT INFORMATION:  Flip Tax Policy: Original purchase minus Current purchase price minus seller attorney legal fee minus seller broker commission =net profit X 6%.

Related to Flip Tax

  • Stamp Tax means any stamp, registration, documentation or similar tax.

  • input tax , in relation to a vendor, means—

  • Tax or Taxes means any federal, state, provincial, local, foreign or other tax (including any income tax, franchise tax, capital gains tax, gross receipts tax, value-added tax, surtax, estimated tax, excise tax, ad valorem tax, transfer tax, stamp tax, sales tax, use tax, property tax, withholding tax or payroll tax), and any related fine, penalty or interest, imposed, assessed or collected by or under the authority of any governmental body, whether disputed or not.

  • Assumed 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 or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners.

  • Additional Tax means in addition to Restaurant Tax. (C) “Additional Tax” means in addition to Commercial Lease. Review each City/Town for tax on Food for Home Consumption. (B) If you report under Hotel (Business code 044), this city has an Additional Hotel tax rate that must be applied and reported (Business Code 144). (D) Report amount due on materials purchased exempt from tax and incorporated into a Maintenance, Repair, Replacement or Alteration (MRRA) project. (E) When reporting for Short Term Motor Vehicle you must report Business Code 214 and 114 for this City.

  • Other Tax means any Federal Other Tax, State Other Tax, or Foreign Other Tax.

  • Transaction Payroll Taxes means all employer portion payroll or employment Taxes incurred in connection with any bonuses, option cash-outs or other compensatory payments in connection with the Transactions.

  • 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 to be received, the amount of such payment increased so that, after deduction of the amount of all taxes required to be paid by the recipient calculated at the then maximum marginal rates generally applicable to Persons of the same type as the recipients with respect to the receipt by the recipient of such amounts (less any tax savings realized as a result of the payment of the indemnified amount), such increased payment (as so reduced) is equal to the payment otherwise required to be made.

  • Transfer Tax means all transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with the transactions contemplated under this Agreement.

  • Additional Taxes means taxes, duties or other governmental charges imposed on the Trust as a result of a Tax Event (which, for the sake of clarity, does not include amounts required to be deducted or withheld by the Trust from payments made by the Trust to or for the benefit of the Holder of, or any Person that acquires a beneficial interest in, the Securities).

  • 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.

  • Effective tax rate means the rate that will produce last year’s total tax levy (adjusted) from this year’s total taxable values (adjusted). “Adjusted” means lost values are not included in the calculation of last year’s taxes and new values are not included in this year’s taxable values.

  • Non-Stepped Up Tax Basis means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments had been made.

  • Transaction Tax Deductions means, to the extent Tax deductible for Income Tax purposes, all compensation attributable to payments by a Company or Company Subsidiary on or prior to the Closing Date, including employee transaction-related bonuses, change of control payments, and severance payments, resulting from or related to the consummation of the Contemplated Transactions that are charged to Sellers as part of the Transaction Expenses.

  • UK Tax Deduction means a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment under a Loan Document, other than a FATCA Deduction.

  • Excluded Tax means any Tax imposed by any jurisdiction on the net income of the Note Holder;

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Rollback tax rate means the rate that will produce last year’s maintenance and operation tax levy (adjusted) from this year’s values (adjusted) multiplied by 1.08 plus a rate that will produce this year’s debt service from this year’s values (unadjusted) divided by the anticipated tax collection rate.

  • Agreement combined tax rate means the sum of the tax rates:

  • Special Taxes means any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of Lender, such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Lender’s net income by the United States of America or any Governmental Authority of the jurisdiction under the laws under which Lender is organized or maintains a lending office.

  • Tax Detriment means an increase in the Tax liability (or reduction in refund or credit or item of deduction or expense) of a taxpayer (or of the Affiliated Group of which it is a member) for any taxable period.

  • Relevant Tax Authority means HMRC, or, if applicable, the tax authority in the jurisdiction in which the Supplier is established;

  • VAT means value added tax.

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

  • Tax Payments has the meaning set forth in the definition of Permitted Payments to Parent.