Separate Company Tax Liability definition

Separate Company Tax Liability for any Affiliation Period or Pre-New CCI Period shall be the amount, if any, of the Federal income tax liability (including, without limitation, liability for any penalty, fine, additions to tax, interest, minimum tax and other items applicable to CCPR or Services, as the case may be, in connection with the determination of CCPR's or Services' tax liability) which CCPR or Services, as the case may be, would have incurred if CCPR or Services, as the case may be, had filed a separate Federal income tax return for such period, except that no carryforward or carryback of losses or credits shall be allowed. Separate Company Tax Liability shall be determined by New CCI (with the cooperation and assistance of CCPR and Services) in a manner consistent with (i) general tax accounting principles, (ii) the Code and the regulations thereunder and (iii) so long as a reasonable legal basis exists therefor, prior custom and practice. In addition, transactions or items between CCPR and New CCI, Services and New CCI, CCPR and Services, or between other members of the Group that are deferred under the Federal income tax return shall also be deferred for purposes of this Tax Sharing Agreement until such time as they are restored or otherwise triggered into income under the Code or regulations. In the event CCPR or Services owns subsidiaries that are members of the Group, Separate Company Tax Liability for each Affiliation Period and Pre-New CCI Period shall be computed on a deemed consolidated basis as if CCPR or Services, as the case may be, were the common parent of an affiliated group of domestic corporations (within the meaning of Section 1504(a) of the Code) consisting of itself and its includable subsidiaries (a "Hypothetical Subsidiary Group"). For purposes of this Tax Sharing Agreement, CCPR's Hypothetical Subsidiary Group shall include, without limitation, Services, to the extent CCPR owns the requisite percentage of Services' outstanding stock in order for Services to constitute a member of a consolidated group under the Code. Each of CCPR and Services shall be entitled to cause members of their Hypothetical Subsidiary Group to reimburse each of them for amounts due New CCI or CCPR, respectively, to the extent such members' income created an obligation for payments under this Tax Sharing Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Separate Company Tax Liability for any Affiliation Period shall be the amount, if any, of the federal income tax liability, including, without limitation, liability for any penalty, fine, additions to tax, interest, minimum tax, alternative minimum tax and other items applicable to that Subsidiary in connection with the determination of the Subsidiary’s tax liability, which the Subsidiary would have incurred had it filed a separate federal income tax return for such Affiliation Period, computed in the manner prescribed in Federal Tax Regulation (the “Regulation”) section 1.1552-1(a)(2)(ii), except that no carryforward or carryback of losses or credits shall be allowed. The Separate Company Tax Liability for a Subsidiary shall be determined by FNF, with the cooperation and assistance of the Subsidiary, in a manner consistent with (i) general tax accounting principles, (ii) the Code and regulations thereunder and (iii) so long as a reasonable legal basis exists therefore, prior custom and practice. In addition, transactions or items between FNF and a Subsidiary that are deferred under the federal income tax return shall also be deferred for purposes of this Agreement until such time as they are restored or otherwise triggered into income under the Code or regulations.

Separate Company Tax Liability for any Affiliation Period shall be the amount, if any, of the federal income tax liability (including, without limitation, liability for any penalty, fine, additions to tax, interest, minimum tax and other items applicable to a subsidiary in connection with the determination of the subsidiary's tax liability) which Network Solutions would have incurred had it filed a separate federal income tax return for such Affiliation Period, computed in the manner prescribed in Income Tax Regulation section 1.1552-1(a)(2)(ii), except that no carryforward or carryback of losses or credits shall be allowed.

Examples of Separate Company Tax Liability in a sentence

• In the case of any adjustment to the amount of a Separate Company Tax Liability, Packaging Company shall be liable for such Tax imposed on members of the Packaging Group, and Tenneco shall be liable for such Tax imposed on members of the Tenneco Group.

• If any party to this Agreement other than SAIC is required to pay tax to the IRS or any state taxing authority in excess of its Separate Company Tax Liability as determined hereunder, such party shall be entitled to reimbursement of the excess liability payment from the party to whom the excess is properly allocable under this Agreement.

• In the event CCPR (or CCPR's ------------------------------- Hypothetical Subsidiary Group, if applicable) does not have Separate Company Tax Liability for an Affiliation Period, but instead incurs net losses or credits for such period, New CCI shall pay CCPR in the time and manner prescribed in Section 2(a) hereof the amount by which the Group's Federal income tax liability for such period is actually reduced by reason of the actual use of such losses or credits in the Group's Federal income tax return.

• Each Subsidiary shall pay DGI in the time and manner described in Section 2(a) an amount equal to any Separate Company Tax Liability of that Subsidiary.

• If any party to this Agreement other than DGI is required to pay tax to the IRS or any state taxing authority in excess of its Separate Company Tax Liability as determined hereunder, such party shall be entitled to reimbursement of the excess liability payment from the party to whom the excess is properly allocable under this Agreement.

• Network Solutions shall pay SAIC in the time and manner described in Section 2(a) an amount equal to any "Separate Company Tax Liability" of Network Solutions.

• In the event a Subsidiary does not have Separate Company Tax Liability for an Affiliation Period, but instead either incurs net losses or credits for such period, DGI shall pay the Subsidiary in the time and manner prescribed in Section 2(a) the amount by which the Group’s federal income tax liability for such period is actually reduced by reason of the actual use of such losses or credits attributable to the Subsidiary in the Group’s federal income tax return.

• Each Subsidiary shall pay FNF in the time and manner described in Section 2(a) an amount equal to any Separate Company Tax Liability of that Subsidiary.

• The Separate Company Tax Liability for a Subsidiary shall be determined by FNF, with the cooperation and assistance of the Subsidiary, in a manner consistent with (i) general tax accounting principles, (ii) the Code and regulations thereunder and (iii) so long as a reasonable legal basis exists therefore, prior custom and practice.

• The Separate Company Tax Liability for a Subsidiary shall be determined by DGI, with the cooperation and assistance of the Subsidiary, in a manner consistent with (i) general tax accounting principles, (ii) the Code and regulations thereunder and (iii) so long as a reasonable legal basis exists therefor, prior custom and practice.

More Definitions of Separate Company Tax Liability

Separate Company Tax Liability for any Affiliation Period shall be the amount, if any, of the federal income tax liability (including, without limitation, liability for any penalty, fine, additions to tax, interest, minimum tax and other items applicable to a subsidiary in connection with the determination of the subsidiary's tax liability)