Future Income Tax definition

Future Income Tax means future income tax expenses estimated (generally, year-by-year): (a) making appropriate allocations of estimated unclaimed costs and losses carried forward for tax purposes, between Oil and Gas activities and other business activities; (b) without deducting estimated future costs (for example, Crown royalties) that are not deductible in computing taxable income; (c) taking into account estimated tax credits and allowances (for example, royalty tax credits); and (d) applying to the future pre-tax net cash flows relating to West Isle's oil and gas activities the appropriate year-end statutory tax rates, taking into account future tax rates already legislated.
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Future Income Tax means future income tax expenses estimated (generally, year-by-year):
Sample 1

Examples of Future Income Tax in a sentence

  • Specifically, amounts recorded for Depreciation, Depletion and Amortization are based on estimates of crude oil reserves, for Asset Retirement Obligation are based on assumptions of the future costs to dismantle the assets and restore the site of the Oil Sands Project and for Future Income Tax are based on assumptions of the timing and at which tax rates temporary differences are expected to reverse.

  • Any tax benefit of capital and non-capital losses has not been reflected in the Financial Statements as a Future Income Tax Asset.

  • Large Corporations Tax $ 3,079 $ 2,905 Future Income Tax (4,330) (22,551) -------------------------------------------------------------------------------- INCOME TAX RECOVERY $ (1,251) $ (19,646) ================================================================================ Cash taxes paid during the year ended December 31, 2003 were $4.5 million (December 31, 2002 - $2.4 million) and related solely to Large Corporations Tax.

  • In August 2008, the CICA issued Emerging Issues Committee (“EIC”) EIC-171, Future Income Tax Consequences of Exchangeable Interests in an Income Trust or Specified Investment Flow-Through, which concludes that temporary differences associated with assets and liabilities attributable to exchangeable interests should not be recorded prior to the conversion of the exchangeable interests.

  • Instead the related tax forms part of the Future Income Tax Liability (Canadian GAAP) or Deferred Income Tax Liability (IFRS).

  • The Company has adopted CICA Emerging Issues Committee Abstract — 171 (“EIC—171”) Future Income Tax Consequences of Exchangeable Interests in an Income Trust or Specified Investment Flow-Through (“SIFT”).

  • The difference is an adjustment to Future Income Tax Liability of ($15,477) (December 31, 2005 – $6,702).

  • Future Income Tax Benefits Under Tax ConsolidationIn some cases future income tax benefits may now be regarded from the perspective of a life company that is part of a consolidated group as receivables or other assets.

  • Income Tax Benefits for this purpose shall be equal to (i) the amount of Current Income Tax Benefits plus (ii) the amount of Future Income Tax Benefits.

  • RecommendationThat the revised School Board Policy 2.90 be approved as presented.

Related to Future Income Tax

  • Non-Income Tax means any Tax other than an Income Tax.

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

  • Taxable income means, in the case of an individual, federal adjusted gross income determined without regard to 26 U.S.C. § 168(k) and:

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

  • State Income Tax means any Tax imposed by any State of the United States (or by any political subdivision of any such State) or the District of Columbia, or any city or municipality located therein, which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Recapture Income means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Incremental Income Tax means the total amount withheld

  • MUNICIPAL TAXABLE INCOME means the following:

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Taxable means either:

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Precontribution Gain has the meaning set forth in subparagraph 4(c) of Exhibit B.

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Incremental Income Taxes is defined in Section 6.9.

  • Federal Income Tax means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • 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.