Separate Taxable Income definition

Separate Taxable Income means, with respect to any Subsidiary for any Fiscal Year, the income, gains, losses, deductions and credits of such Subsidiary for that Fiscal Year calculated as follows: (i) any dividends received by one Member from another Member will be assumed to qualify for the 100% dividends received deduction of Section 243 of the Code or shall otherwise be eliminated from such calculation; (ii) gain or loss on intercompany transactions, whether or not deferred, shall be treated by each Member in the manner required by Treasury Regulations Section 1.1502-13; (iii) limitations on the calculation of a deduction or the utilization of tax credits or the calculation of a tax liability shall be made on a consolidated basis; (iv) net operating losses and credits of a Subsidiary shall be treated as available to such Subsidiary in determining such Subsidiary’s Separate Taxable Income, and shall not be reduced even if such net operating losses or credits are used in determining the consolidated taxable income of the Polypore Group, instead, such net operating losses and credits shall be reduced only if, when and to the extent used in determining the Separate Taxable Income of the Subsidiary; and (v) elections relating to tax credits and tax computations that differ from the consolidated treatment if separate returns were filed shall be made on an annual basis by PHC II.

Separate Taxable Income means (a) with respect to any Affiliated Group that files a federal consolidated income Tax return, the taxable income of each Affiliated Subsidiary (including its affiliated subsidiaries) under the Code determined as though such Affiliated Subsidiary were a separate corporation, subject to the modifications outlined in Section 1.1502-12 of the Regulations and adjusted for (i) the portion of the consolidated net operating loss deduction, the consolidated charitable contributions deduction, and the consolidated dividends received deduction attributable to such Affiliated Subsidiary, (ii) the capital gain net income attributable to such Affiliated Subsidiary (determined without regard to any net capital loss carryover attributable such Affiliated Subsidiary), (iii) the net capital loss and net loss attributable to such Affiliated Subsidiary under Section 1231 of the Code, reduced by the portion of the consolidated net capital loss attributable to such Affiliated Subsidiary and (iv) the portion of any consolidated net capital loss carryover attributable to such Affiliated Subsidiary which is absorbed in the taxable year; provided, that if computation of the taxable income of any Affiliated Subsidiary under these principles results in an excess of deductions over gross income, then for purposes of determining such Affiliated Subsidiary’s Affiliated Taxable Income Ratio, such Affiliated Subsidiary’s Separate Taxable Income shall be deemed to be zero and (b) with respect to any Affiliated Group not described in clause (a) of this definition, the taxable income of each Affiliated Subsidiary (including its affiliated subsidiaries) under the applicable Tax law of the relevant state, local or foreign jurisdiction determined as though such Affiliated Subsidiary were a separate corporation.

Separate Taxable Income means 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.

Examples of Separate Taxable Income in a sentence

• On or about March 31, 1998, UNOVA shall deliver to Western Atlas an estimate of the UNOVA Group Separate Taxable Income for the period beginning on December 30, 1996 and ending on the last day in which the members of the UNOVA Group are includible in the Western Atlas Consolidated Group (the "1997 Stub Period").

• Each access person shall report to the Underwriter every transaction in a security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, except purchases and sales specified in Section 3 of this code.

• Within 30 days after the close of each calendar quarter, CMHC will pay to Holdings an amount equal to the product of CMHC's estimated Separate Taxable Income for the quarter (but not less than 0) multiplied by the highest marginal corporate tax rate provided in section 11 of the Internal Revenue Code of 1986, as amended (or any successor provision).

• In the event that the Separate Taxable Income or Alternative Minimum Tax Liability of a Subsidiary is adjusted by reason of an amended return, claim for refund, or examination by the Internal Revenue Service, the amount due from such Subsidiary under paragraph I.A. shall be recomputed using the adjusted Separate Taxable Income or Alternative Minimum Tax Liability.

• For purposes of this Agreement, the Separate Taxable Income of each member of the Consolidated Group shall be determined under Treas.

• In the event that a Subsidiary's Separate Taxable Income for a taxable year is negative (the "Loss"), the Loss shall be carried back and carried forward to prior and subsequent taxable years in the manner provided under and subject to the limits contained in Section 172(b) of the Code, or any successor provision (as in effect in the year in which the Loss arises).

• Such loss carrybacks or carryforwards shall reduce, dollar for dollar, such Subsidiary's Separate Taxable Income in the taxable year to which the Loss is carried back or forward.

• The Separate Tax Liability of SubGroup will be computed pursuant to Section 2.2 by applying the then-appropriate corporate tax rates for its computed Separate Taxable Income and Separate Taxable Gains.

• In the event that the Separate Taxable Income of any member of the Consolidated Group is adjusted by reason of an amended return, claim for refund, or examination by the Internal Revenue Service, the amount due from CMHC under paragraph I.A. shall be recomputed using the adjusted Separate Taxable Income.

• For purposes of this Agreement, the Separate Taxable Income of a Subsidiary for a taxable year shall be its taxable income for such year determined as if such Subsidiary were not a member of the Consolidated Group and after applying any loss carryback or carryforward to that year as provided in paragraph I.F.

More Definitions of Separate Taxable Income

Separate Taxable Income means for any non-federal jurisdiction, with respect to any UCC Member, the taxable income allocated to such jurisdiction for any taxable year (but in no case less than zero), determined without reference to any carrybacks or carryforwards of any net operating loss, net capital loss, charitable contribution or other item attributable to any other taxable period, as determined on a basis consistent with the manner in which the members of the Dow Group's Separate Taxable Income has been determined.

Separate Taxable Income of a Subsidiary shall mean the amount of taxable income of the Subsidiary for any period for which the Subsidiary has positive taxable income (including, but not limited to, alternative minimum taxable income), computed on a Hypothetical Basis pursuant to the method of federal income tax accounting employed by each such Subsidiary.

Separate Taxable Income means, with respect to any Member, the positive separate taxable income of such member, if any, for the Consolidated Year determined under Treas. Reg. Section 1.1502-12

Separate Taxable Income for other Members joining in the filing of a Combined Return in such jurisdiction.