Examples of S Short Year in a sentence
Tilly’s, the Company and the Shareholders agree that for tax purposes (including for purposes of determining the Company’s S corporation Taxable Income for its S Short Year) the Company shall allocate its items of income, gain, loss, deduction and credit for its calendar year between the S Short Year and the C Short Year in accordance with normal tax accounting rules (the so-called “closing of the books method”), as permitted by Section 1362(e)(3) of the Code.
If the Shareholders receive a refund of any income tax (including penalties and interest) as to which they have previously been indemnified by Tilly’s or the Company, they shall, within 30 days after receipt thereon, remit an amount equal to such refund to Tilly’s or the Company, as appropriate (for the avoidance of doubt, such refund shall be determined assuming the Shareholders’ only items of income, loss or deduction would arise from the Company during the S Short Year).
The Seller Parties shall be responsible for the preparation (and any related expenses) of any federal, state and local Returns of the Company for the S Short Year (the “S Tax Returns”).
During the S Short Year and for Tax Periods Ending Prior to the Termination Date.
It is the parties’ intent that the liability for income taxes arising from the operations of the Company will be borne by the Shareholders for all periods through and including the S Short Year and by Tilly’s and the Company for periods beginning with the C Short Year, and this Agreement shall be construed so as most equitably to achieve such intent.