Tax basis accounting definition

Tax basis accounting is defined to mean accounting in accordance with the Internal Revenue Code and related rules, regulations, rulings, and applicable case law applied by Landlord on a consistent basis in reporting income and expense, including the capitalization of costs and related depreciation, to the Internal Revenue Service. Notwithstanding the foregoing, Operating Costs shall not include the following:

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Tax basis accounting means “other comprehensive basis of accounting” applicable to tax basis accounting, as established by the American Institute of Certified Public Accountants (“AICPA”) under its published Statement on Auditing Standards No. 14, which through the Statements on Standards for Accounting and Review Services issued by the AICPA provide for standards applicable to the preparation of financial statements, as in effect from time to time subject to the terms and conditions set forth in Section 1.05.

Tax basis accounting shall have the meaning assigned to such term in subsection (p) of the definition of “Special Purpose Entity” contained in this Section 1.1.

Examples of Tax basis accounting in a sentence

Tax basis accounting is defined to be the Internal Revenue Code and related rules, regulations, rulings, and applicable case law applied by Landlord on a consistent basis in reporting income and expense, including the capitalization of costs and related depreciation, to the Internal Revenue Service.
Tax basis accounting is defined to be the Internal Revenue Code and related rules, regulations, rulings, and applicable case law applied by Landlord on a consistent basis in reporting income and expense, INCLUDING THE capitalization of costs and related depreciation, by the Internal Revenue Service.
Tax basis accounting is defined to mean accounting in accordance with the Internal Revenue Code and related rules, regulations, rulings, and applicable case law applied by Landlord on a consistent basis in reporting income and expense, including the capitalization of costs and related depreciation, to the Internal Revenue Service.
The Financial Statements are true and correct and have been prepared in accordance with Tax basis accounting principles and using accrual accounting consistently followed by the Company throughout the periods indicated, and fairly present the financial position of the Company as of the respective dates of the balance sheets included in the Financial Statements, and the results of its operations for the respective periods indicated.