Partnership Item definition
Partnership Item has the meaning set forth in Section 623i (a)(7) of the Code or any successor provision.
Partnership Item means, with respect to an Indemnitee, any item of income, gain, loss, deduction, credit or credit recapture directly relating to any activity of the Partnership or any Affiliate and required to be reflected in a Return filed by the Partnership or any Affiliate, but only if (i) the item is required to be reflected in a U.S. federal, state or local or other Return filed by such Indemnitee or (ii) such Indemnitee is required to make a Tax payment to any taxing authority in respect of such item.
Partnership Item means, with respect to a partnership, any item required to be taken into account for the partnership’s taxable year under any provision of subtitle A to the extent regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the partnership level than at the partner level.”).6
Examples of Partnership Item in a sentence
The Indemnitee shall notify the Company within thirty (30) days of the receipt by such Indemnitee of a refund of Taxes in respect of any Partnership Item for any Covered Period.