Prior Tax Year definition
Examples of Prior Tax Year in a sentence
Select all that apply: [ ] NEW CONTRIBUTIONS - Specify tax year: Current Tax Year | Amount ____________________________|$__________________________ Prior Tax Year | Amount ____________________________|$__________________________ [ ] DIRECT TRANSFER - Check Payable to Northwestern Mutual Life for the benefit of the contract owner.
If any item of Delco's income, gain, loss, deduction, or credit is adjusted as part of a Final Determination made with respect to any Prior Tax Year and the adjustment increases the Delco Income Tax liability, Delphi will pay GM an amount equal to such increase, reduced by the amount of any indemnification payment due to GM from Hugh▇▇ ▇▇▇cribed in Section 2.4(a) of this Agreement.
If there is any change of or adjustment to any item relating to the computation of payment under this Agreement that is not otherwise provided for (such as correction of a previous erroneous calculation), GM and Delphi will make payments to each other as may be appropriate to reflect the intent of this Agreement, as described in Section 7.1. No payment shall be required with respect to a Prior Tax Year pursuant to this Section 4.3.
Buyer agrees after the Closing, to the extent reasonably necessary for Seller to continue to prosecute such proceedings, to reasonably cooperate with Seller and also agrees to promptly endorse or pay over to Seller any refund amounts related to Prior Tax Year Appeals received by Buyer, less applicable costs and expenses incurred by Buyer in cooperating with Seller.
GM will notify Delphi in writing of any pending or threatened Proceeding in connection with any Delphi Non-Income Tax Liability for a Prior Tax Year, promptly upon receipt of notice of such Proceeding by any member of the GM Group.
To the extent any real estate or personal property tax refunds or credits are received after Closing with respect to the Property and such refunds or credits are attributable to real estate or personal property taxes paid for any Prior Tax Year, or for any periods of the Closing Tax Year prior to the Closing Date, Seller shall be entitled to the entirety of such refunds and credits (except to the extent due to any other party under the Ground Lease Documents).
If any item of Delco’s income, gain, loss, deduction, or credit is adjusted as part of a Final Determination made with respect to any Prior Tax Year and the adjustment increases the Delco Income Tax liability, Delphi will pay GM an amount equal to such increase, reduced by the amount of any indemnification payment due to GM from ▇▇▇▇▇▇ described in Section 2.4(a) of this Agreement.
If Delphi receives, after the Spin-Off Date, a refund of foreign taxes related to a tax year ending on or before the Spin-Off Date and the IRS requires an adjustment pursuant to Regulation §1.905-3T to the GM Group’s foreign tax credit for a Consolidated Tax Period or a Prior Tax Year, Delphi will pay GM an amount equal to the adjustment to the GM Group’s foreign tax credit generated through the last Consolidated Tax Period.
After the Closing, Seller shall be entitled to continue to prosecute Prior Tax Year Appeals, and shall be entitled to its pro rata share of any such appeal proceeds.
Notwithstanding the foregoing to the contrary, if Seller’s actions with respect to any Prior Tax Year Appeals are reasonably likely to affect the tax assessment year of January 2, 2013 for taxes payable in 2014 (the “2014 Tax Year”) or any future tax year, then Seller shall obtain Buyer’s prior written consent to such actions, not to be unreasonably withheld, conditioned or delayed.