Income Tax definition

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.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Income Tax means all U.S. federal, state, local and foreign income, franchise or similar Taxes imposed on (or measured by) net income or net profits, and any interest, penalties, additions to Tax or additional amounts in respect of the foregoing.

Income Tax means any Tax imposed upon or measured by net income or gain (however denominated).

Examples of Income Tax in a sentence

• Parent shall be responsible for any and all State Income Taxes due with respect to or required to be reported on any Parent State Combined Income Tax Return and any Split Parent State Combined Income Tax Return (including any increase in such Tax as a result of a Final Determination).

• For Federal Income Tax purposes (and any similar State Income Tax purposes), Parent shall in good faith determine the amount of, and then allocate or apportion, earnings and profits and Tax Attributes, in each case, as of the Distribution Time, among Parent and the Parent Group, on the one hand, and Spinco, on the other hand, in accordance with the Code, Treasury Regulations, and other applicable Tax Laws.

• Not later than five (5) business days following the delivery of such pro forma Spinco Tax Return or other schedule, Spinco shall pay to Parent, or Parent shall pay to Spinco, as appropriate, an amount equal to the difference, if any, between the Spinco liability for Federal Income Tax for such taxable period and the aggregate amount paid by Spinco with respect to such taxable period prior to the Distribution and under Section 5(b)(i) above.

• With respect to any Parent Federal Consolidated Income Tax Return, Parent shall be responsible for any and all Federal Income Taxes due or required to be reported on any such Parent Federal Consolidated Income Tax Return (including any increase in such Tax as a result of a Final Determination).

• Notwithstanding anything to the contrary in this Agreement, Parent shall not be required to provide Spinco with any Parent Federal Consolidated Income Tax Returns, Parent State Combined Income Tax Returns or Parent Separate Returns, or any workpapers related to such Tax Returns, except for workpapers that relate solely to Spinco and are necessary for Spinco to fulfill its responsibilities under Section 4.03.

More Definitions of Income Tax

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

Income Tax means any federal, state, local, or non-U.S. income tax measured by or imposed on net income, gross income (other than severance taxes), adjusted gross income, or some derivative thereof, including any interest, penalty, or addition thereto, whether disputed or not.

Income Tax means any Federal Income Tax, State Income Tax or Foreign Income Tax.

Income Tax or “Income Taxes” means any Tax that is imposed on or measured by or referred to as income, gross income, gross receipts, profits, capital stock, franchise or other similar Tax.

Income Tax means a tax imposed on or measured by net income including any tax imposed on or measured by an amount arrived at by deducting expenses from gross income, one or more forms of which expenses are not specifically and directly related to particular transactions.

Income Tax means any income, franchise or similar Taxes imposed on (or measured by) net income or net profits.

Income Tax means any federal, state, local, or foreign tax based on or measured by reference to net income including any interest, penalty, or addition thereto, whether disputed or not.