Examples of Section 338 Allocation in a sentence
Parent shall provide the allocation to Northrop Grumman no later than Parent provides the Section 338 Allocation to Northrop Grumman under Section 11.5(c), and Northrop Grumman shall provide reasonable comments thereon to Parent within 30 days of receipt thereof.
However, if the Internal Revenue Service takes a position with respect to one Party to this Agreement that is inconsistent with the Section 338 Allocation, the other Parties may take a protective position adopting the Internal Revenue Service's contention until the controversy is finally resolved.
The Parties will not, nor will any consolidated or unitary tax reporting group of which any Party is a part, take a position inconsistent with the Section 338 Allocation except with the written consent of the other Parties.
As soon as practicable after determination of the Final Allocation, Buyer shall prepare consistently therewith Internal Revenue Service Form 8883 and any similar forms required by applicable state and local Tax laws (collectively, the “Section 338 Allocation Forms”), and promptly deliver copies of the Section 338 Allocation Forms to the Seller Representative.
Neither the Selling Members nor Buyer or their respective Affiliates shall take any position contrary to the Section 338 Allocation Forms and the allocation as agreed to by Buyer and the Selling Members, unless required to do so by applicable Law.