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

  • Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Judgement has been exercised in: Partial Recognition of a Future Income Tax BenefitThe Group has partially recognised the portion of accumulated tax losses to the extent it is probable that a taxable profit will be available against which to utilise the tax losses.

  • In establishing BAT, the technology must be technologically “available” and “economically achievable.” The factors considered in assessing BAT include the cost of achieving BAT effluent reductions, the age of equipment and facilities involved, the process employed, potential process changes, non- water quality environmental impacts, including energy requirements, and other such factors as the EPA Administrator deems appropriate.

  • As part of the work of this section, pay all required fees, secure all required inspections, and complete all items necessary to secure and deliver to the owner the contractor will provide a 3 year, labor-and-material warranty.

  • 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.

  • Future Income Tax Liability – Regulatory income tax liabilities will be presented separately from other liabilities on the balance sheet.

  • Valuation of Future Income Tax Assets Significant management judgment is required in determining the valuation allowance recorded against our net income tax assets.

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

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

  • The entry is: DR Rate Stabilization Accounts and CR Future Income Tax Liability.

  • To the extent practical, this type of information, which may also address the sampling associated with remediation activities, should be included in the Emergency Response Plan or other documentation.Alternately, sampling locations could be identified in a more generic manner.

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 Tax (a) based upon, measured by or calculated with respect to net income, profits or receipts (including, without limitation, capital gains Taxes and minimum Taxes) or (b) based upon, measured by or calculated with respect to multiple bases (including, without limitation, corporate franchise taxes) if one or more of the bases on which such Tax may be based, measured by or calculated with respect to, is described in clause (a), in each case together with any interest, penalties, or additions to such Tax.

  • 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 any Tax other than an Income Tax.

  • 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 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.

  • 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.

  • 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 reduction in otherwise required Tax payments.

  • 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 or F of the Code.

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal franchise or income taxes paid or due to be paid during such period.

  • Transaction Tax Deductions means any Tax deductions relating to (i) any pay down or satisfaction of Company Indebtedness or other Indebtedness, (ii) the payment or incurrence of any Transaction Expenses or Transaction Bonus Payments and (iii) any other deductible payments attributable to the Contemplated Transactions economically borne by the Seller. For this purpose, any success-based fees shall be treated as deductible in accordance with Rev. Proc. 2011-29.