Imputed Underpayment Amount has the meaning set forth in Section 10.4D hereof.
Imputed Underpayment Amount means (a) any “imputed underpayment” within the meaning of Section 6225 of the Code (or any corresponding or similar provision of state, local or foreign tax law) paid (or payable) by the Company as a result of any adjustment by the IRS with respect to any Company item of income, gain, loss, deduction, or credit of the Company (including, without limitation, any “partnership-related item” within the meaning of Section 6241(2) of the Code (or any corresponding or similar provision of state, local or foreign tax law)), including any interest, penalties or additions to tax with respect to any such adjustment, (b) any amount not described in clause (a) (including any interest, penalties or additions to tax with respect to such amounts) paid (or payable) by the Company as a result of the application of Sections 6221-6241 of the Code (or any corresponding or similar provision of state, local or foreign tax law), and/or (c) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes if the Company bears the economic burden of such amounts, whether by law or agreement, as a result of the application of Sections 6221-6241 of the Code (including for the avoidance of doubt Section 6226(b) of the Code or any corresponding or similar provision of state, local or foreign tax law), including any interest, penalties or additions to tax with respect to such amounts.
Imputed Underpayment Amount has the meaning given to such term in Section 9.5(b).
Examples of Imputed Underpayment Amount in a sentence
The General Partner shall reasonably determine the portion of an Imputed Underpayment Amount attributable to each Partner or former Partner.
If the Company incurs an Imputed Underpayment Amount, the Board of Managers shall determine in its reasonable discretion the portion of such Imputed Underpayment Amount attributable to each Member or former Member and such attributable amount shall be treated as a Withholding Payment with respect to such Member or former Member.
The Partnership Representative shall use commercially reasonable efforts to secure any reduction in any Imputed Underpayment Amount that is available by reason of the status of any Member (or its beneficial owners), including by means of any procedures provided pursuant to Code Section 6225(c)(3), and to allocate the benefit of any such reduction to such Member.
The portion of the Imputed Underpayment Amount that the Manager attributes to a former member of the Company shall be treated as a Withholding Payment with respect to both such former member and such former member’s transferee(s), as applicable, and the Manager may in its discretion exercise the Manager’s rights pursuant to this Section in respect of either or both of the former member and its transferee.
The portion of the Imputed Underpayment Amount that the Manager attributes to a Member shall be treated as a Withholding Payment with respect to such Member.
More Definitions of Imputed Underpayment Amount
Imputed Underpayment Amount means any “imputed underpayment” within the meaning of Section 6225 of the Code (or any corresponding or similar provision of state, local or foreign law) paid (or payable) by the Company as a result of an adjustment with respect to any Company item, including any interest or penalties with respect to any such adjustment. Imputed Underpayment Amounts shall also include any imputed underpayment amounts within the meaning of Code Section 6225 (or any corresponding or similar provision of state, local or foreign law) which are paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect interest (other than through entities treated as corporations for U.S. federal income tax purposes) to the extent that the Company bears the economic burden of such amounts, whether by law or agreement.
Imputed Underpayment Amount means (a) any “imputed underpayment” within the meaning of Code Section 6225 (or any corresponding or similar provision of state, local or foreign tax law) paid (or payable) by the Company as a result of any adjustment by the IRS with respect to any Company item of income, gain, loss, deduction or credit of the Company (including any “partnership related item” within the meaning of Code Section 6241(2)(or any corresponding or similar provision of state, local or foreign tax law)), including any interest, penalties or additions to tax with respect to such adjustment, (b) any amount not described in clause (a) (including interest, penalties or additions to tax with respect to such amounts) paid (or payable) by the Company as a result of the application of Code Sections 6221-6241 (or any corresponding or similar provision of state, local or foreign tax law), and/or (c) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes if the Company bears the economic burden of such amounts, whether by law or agreement, as a result of the application of Code Sections 6221-6241 (including for the avoidance of doubt Section 6226(b)) (or any corresponding or similar provision of state, local or foreign tax law), including any interest, penalties or additions to tax with respect to such amounts.
Imputed Underpayment Amount means (i) any “imputed underpayment” within the meaning of Code Section 6225 (or any corresponding or similar provision of federal, state, local or non-U.S. tax law) paid (or payable) by the Partnership as a result of an adjustment with respect to any Partnership item (including, without limitation, any “partnership-related item” within the meaning of Code Section 6241(2) (or any corresponding or similar provision of federal, state, local or non-U.S. tax law)), including any interest, penalties or additions to tax ACTIVE/104666890.9 with respect to any such adjustment and any costs or expenses with respect to any of the foregoing, (ii) any amount not described in clause (i) paid (or payable) by the Partnership as a result of the application of the provisions of Code Sections 6221-6241 (or any corresponding or similar provision of federal, state, local or non-U.S. tax law), including any interest, penalties or additions to tax with respect to such amounts and any costs or expenses with respect to any of the foregoing, and/or (iii) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Partnership holds (or has held) a direct or indirect interest (other than through entities treated as corporations for U.S. federal income tax purposes) to the extent that the Partnership bears the economic burden of such amounts, whether by law or agreement, as a result of the application of the provisions of Code Sections 6221-6241 (or any corresponding or similar provision of federal, state, local or non-U.S. tax law), including any interest, penalties or additions to tax with respect to such amounts and any costs or expenses with respect to any of the foregoing.
Imputed Underpayment Amount as defined in Section 7.01(d).
Imputed Underpayment Amount is defined as any “imputed underpayment” within the meaning of Section 6225 of the Code (or any similar provisions under state or local law) paid (or payable) by the Partnership as a result of an adjustment with respect to any Partnership item, including any interest or penalties with respect to any such adjustment. Imputed Underpayment Amount also includes any imputed underpayment within the meaning of Section 6225 of the Code (or any similar provisions under state or local law) paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Partnership holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes to the extent that the Partnership bears the economic burden of such amounts, whether by law or agreement.
Imputed Underpayment Amount means (i) any “imputed underpayment” within the meaning of Code Section 6225 (or any corresponding or similar provision of U.S. federal, state, local or non-U.S. tax law) paid (or payable) by the Company as a result of an adjustment with respect to any Company item, including any costs, interest, penalties or additions to tax with respect to any such adjustment, (ii) any amount not described in clause (i) (including any costs, interest, penalties or additions to tax with respect to such amounts) paid (or payable) by the Company as a result of the application of the provisions of Code Sections 6221 through 6241 (or any corresponding or similar provision of U.S. federal, state, local or non-U.S. tax law), and/or (iii) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes to the extent that the Company bears the economic burden of such amounts, whether by law or agreement, as a result of the application of the provisions of Code Sections 6221 through 6241 (or any corresponding or similar provision of U.S. federal, state, local or non-U.S. tax law), including any costs, interest, penalties or additions to tax with respect to such amounts.
Imputed Underpayment Amount has the meaning set forth in Section 6.3(c).