Separate Return Tax Liability means the federal income tax liability, including for all purposes of this Agreement, alternative minimum tax liability, of a Member computed as if it had filed a separate federal income tax return for the applicable taxable year with the modifications set forth in section 1.1552-1(a)(2)(ii) of the Regulations.
Separate Return Tax Liability means, with respect to an ----------------------------- Affiliated Subsidiary Group for any Pre-Distribution Year, the sum of the Federal Income Tax for each member of the Affiliated Subsidiary Group for such year determined by using the method described in section 1.1502-32(b)(3)(iv)(D) of the Treasury Regulations.
Separate Return Tax Liability means, in the case of any member of the SpinCo Group, the hypothetical tax liability which would have been reported if the relevant member of the SpinCo Group had been required to report its tax liability on a SpinCo Separate Return.
Examples of Separate Return Tax Liability in a sentence
The amount and due dates of estimated tax payments to be made by Cavco to Centex shall be determined by Centex, but shall not be, in the aggregate, less than the Cavco Group's Separate Return Tax Liability for the immediately preceding taxable period.
Nothing herein shall be deemed to preclude or require any allocation of the Separate Return Tax Liability of Cavco among or between Cavco and its Subsidiaries, if any.
In the event Cavco is required to pay to the Internal Revenue Service or any state or local taxing authority tax liability in excess of its Separate Return Tax Liability determined pursuant to Section 3 hereof, Cavco shall be entitled to reimbursement within sixty (60) business days of such payment by Centex.
Centex shall apply such credit against the Separate Return Tax Liability of the Cavco Group as provided above with respect to any taxable period as of the first installment date for such year.
In the event that the final Separate Return Tax Liability of such Subsidiary for a taxable year exceeds the sum of any payments based on estimated amounts made by such Subsidiary under Paragraph 2(a) for such taxable year, such Subsidiary shall pay such excess to the Company on or before the date 15 days prior to the due date for the filing of the consolidated federal income tax return to which such excess relates.
More Definitions of Separate Return Tax Liability
Separate Return Tax Liability for a taxable year shall mean an amount equal to the U.S. federal income tax liability or state or local income or franchise tax liability, as the case may be, that would have been payable by the Company Group for such taxable year if the Company Group had filed a separate U.S. federal income tax return or state or local income or franchise tax return, as the case may be, for such taxable year and all prior taxable years (i.e., on a cumulative basis) for which this Agreement is or was in effect, subject to and except as set forth in the following provisions:
Separate Return Tax Liability means with respect to any Member for any taxable year the hypothetical federal income tax liability of such Member determined on a pro forma basis as if such Member had filed its own separate federal income tax return for such year and calculated by (i) taking into account only losses, credits, carryovers of losses and credits from prior or subsequent years, and other tax attributes of the Member (determined without reference to the effect of the application of the consolidated return regulations on the Member's attributes), all of which attributes are subject to the limitations of the Code that would have been applicable had the Member filed a separate federal income tax return for all taxable years relating to the computation, (ii) imposing a tax on the taxable income of the Member at a rate equal to the rate specified by the Code for the taxable year under each applicable tax provision (including without limitation the taxes imposed under Sections 11, 55 and 1201(a) of the Code), without surtax exemptions, and (iii) employing the methods and principles of accounting, elections and conventions that are used by the Group. The Separate Return Tax Liability of a Member shall include any interest or penalties that would have been shown as due had such Member filed a separate federal income tax return for the taxable year in accordance with this subparagraph (e).
Separate Return Tax Liability shall have the meaning given to such term in Section 3 hereof.
Separate Return Tax Liability means with respect to any taxable year the hypothetical tax liability of each Member determined on a pro forma basis as if the Member had filed its own separate tax return for such year (and for every taxable year or period prior thereto in which the Member was a Member), and calculated by (i) taking into account only losses, credits, carryovers of losses and credits from prior or subsequent years, and other tax attributes of the Member (determined in the case of income taxes without reference to the effect of the application of the consolidated return regulations on the Member’s attributes), all of which attributes are subject to the limitations of the Code or other applicable law that would have been applicable had the Member filed a separate tax return for all taxable years relating to the computation, (ii) in the case of income taxes imposing a tax on the taxable income of the Member at a rate equal to the marginal rate specified by the Code or applicable state or local law for the taxable year under each applicable tax provision (including without limitation the taxes imposed under Sections 11, 55 and 1201(a) of the Code), without surtax exemptions, and (iii) employing the methods and principles of accounting, elections and conventions that are used by the Group. The Separate Return Tax Liability of a Member shall include any interest or penalties that would have been shown as due had such Member filed a separate tax return for the taxable year or period in accordance with this subparagraph (g). For purposes of determining the Separate Return Tax Liability of a Member, the following special rules shall apply:
(i) Any carryover of loss or credit existing on December 3, 2001 that arose in a taxable year in which Subsidiary was a Member will be deemed to be an attribute of Parent for all purposes under this Agreement and shall not be used in calculating such Member’s Separate Return Tax Liability;
(ii) For purposes of calculating Member’s Separate Tax Liability, any deduction of Member attributable to the exercise of options to buy Parent stock shall be deemed an attribute of Member provided that Member shall pay Parent for Parent stock issued upon exercise of options by Member employees and independent contractors.
(iii) Parent may from time to time establish any other special rules that Parent in its sole discretion deems necessary or appropriate to carry out the purposes of this Agreement.
(iv) Any Taxes imposed on Parent resulting from the transfer o...
Separate Return Tax Liability has the meaning ascribed thereto in Section 4(b)(1).
Separate Return Tax Liability means the Federal income tax liability of a Member and its subsidiaries computed as if they had filed a separate Federal income tax return for the applicable taxable year with the modifications set forth in Section 1.1552-1(a)(2)(ii) of the Regulations. If the computation of a Member's Separate Return Tax Liability as provided herein does not result in a positive amount, such Member's Separate Return Tax Liability shall be deemed to be zero. For purposes of this definition, ITGI's Separate Return Tax Liability shall include JEFG's Separate Return Tax Liability for the period after the Distribution. (k) "Separate Taxable Income" shall mean an amount determined with respect to a Member and its subsidiaries in accordance with Section 1.1502-12 of the Regulations with the adjustments contained in Section 1.1552-1(a)(1)(ii) of the Regulations. If the computation of a Member's Separate Taxable Income as provided herein does not result in a positive amount, such Member's Separate Taxable Income shall be deemed to be zero. For purposes of this definition, ITGI's Separate Taxable Income shall include JEFG's Separate Taxable Income for the period after the Distribution. (l) "Separate Tax Liability" shall mean the amount determined under Section 2 hereof. 2. SEPARATE TAX LIABILITY (a) The Separate Tax Liability of ITGI shall be the amount set forth in paragraph (b) hereof as modified by paragraphs (c) and (d) hereof.
Separate Return Tax Liability means the tax liability described in Article 2.1.