Income Tax Basis definition

Income Tax Basis means the income tax basis (modified cash basis) of accounting in effect from time to time in the United States, applied on a consistent basis for federal income tax purposes in accordance with the Internal Revenue Code of 1986, as amended.
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Income Tax Basis means the historical basis upon which the Company has prepared and filed its income Tax Returns, to the extent consistent with Statement of Accounting Standards (SAS) 62.
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Income Tax Basis means the basis of accounting followed for United States federal income tax reporting purposes.
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Examples of Income Tax Basis in a sentence

  • Unless otherwise expressly stated herein, all accounting terms used in this Agreement which are not otherwise defined herein shall be construed in accordance with the Income Tax Basis applied on a basis consistent with that used in preparing the financial statements referred to in Section 4.01(f) hereof.

  • Income Tax Basis of Accounting ------------------------------ The partnership maintains its accounts and the financial statements have been prepared on the accounting basis used for income tax purposes.

  • Mr. Witwer was unaware of any significant role that Defendant played in the project.

  • The 1996 Statements which have previously been delivered to Buyer (i) have been prepared from, and are in accordance with, the books and records of Seller as of the dates set forth therein and (ii) present fairly in all material respects the results of operations, cash flows and financial position of Seller as of and for the periods set forth therein on the Income Tax Basis.

  • The Association shall contract with a third-party accountant to provide financial reports in accordance with Income Tax Basis Accounting Principles and for any other accounting purposes required.

  • Significant relation at P level < 0.05 1st, 2nd, 3rd : assessmentsTable (V): Effect of herbal and conventional therapy on the side effects of chemotherapy regarding to anthropometric measurements among the study and control groups.

  • The financial statement must include the CPA’s audited opinion letter or review report page, balance sheet prepared in accordance with GAAP or Income Tax Basis (Accrual Method), and the notes to the balance sheet.

  • It consists of (1) a Statement of Assets, Liability, and Assets-Income Tax Basis as of March 31, 2002 and (2) a Statement of Revenues and Expenses -Income Tax Basis for the Three Months Ended March 31, 2002.

  • While AEDIT is a component of expenses, it is a calculation based on the Rate Base component Unamortized Excess Deferred Income Tax Basis, which is discussed in Section 6.3 below.

  • It appears that if the transfer of the unused exemption amount iselected, it may also be used for gifts by the surviv- ing spouse during his/her remaining life.3. Second Step up in Income Tax Basis.


More Definitions of Income Tax Basis

Income Tax Basis means the historical basis upon which the Acquired Companies have prepared and filed its income Tax Returns, to the extent consistent with Statement of Accounting Standards (SAS) 62.
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Income Tax Basis means HPC Income Tax Basis, HHEC Income Tax Basis or HHPC Income Tax Basis, as applicable.
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Income Tax Basis means prepared in accordance with GAAP except for the GAAP reconciliation exceptions described in Schedule 3.08(b)..
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Income Tax Basis means the income tax basis of accounting, consistently applied.
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Related to Income Tax Basis

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

  • 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.

  • Income Tax Act means the Income Tax Act, 1962 (Act No. 58 of 1962);

  • 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.

  • Consolidated Income Tax Expense means, for any period, all provisions for taxes based on the gross or net income of Borrower (including, without limitation, any additions to such taxes, and any penalties and interest with respect thereto), and all franchise taxes of Borrower, as determined on a Consolidated basis and in accordance with GAAP.

  • 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.

  • Tax means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest.

  • 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.

  • 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.

  • Consolidated Income Taxes means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority.

  • Tax Items shall have the meaning set forth in Section 6.4.A.