Tax Benefit Item definition

Tax Benefit Item means any net operating loss, unused foreign Tax credit, unused charitable deduction, unused capital loss, or similar unused Tax benefit item arising with respect to the SpinCo Entities in a given taxable period, computed as though the SpinCo Entities had independently filed a federal, state or local Tax Return for such taxable period including all of the SpinCo Entities.

Tax Benefit Item means any net operating loss, unused foreign Tax credit, unused charitable deduction, unused capital loss, or similar unused Tax benefit item arising with respect to the SHO Companies in a given taxable period, computed as though the SHO Companies had independently filed a federal, state or local Tax Return for such taxable period including all of the SHO Companies.

Tax Benefit Item means any item arising out of or otherwise pertaining to an indemnifiable loss and that is deductible on any Tax Returns, or which gives rise to a credit, or other equivalent item.

Examples of Tax Benefit Item in a sentence

• Appropriate reconciliation payments shall be made in the event that it is subsequently determined that a Tax Benefit Item did not reduce the Consolidated Group’s federal income Tax liabilities, including by reason of any such Tax Benefit Item being subsequently disallowed in whole or in part or by reason of other Tax benefits becoming available.

• Spill containment equipment must be available at all refueling sites.

• For the avoidance of doubt, if the SHO Companies are required to carry back a federal Tax Benefit Item, such federal Tax Benefit Item shall reduce the Consolidated Group’s federal income Tax liability only after all federal Tax Benefit Items of Sears Holdings have been applied to reduce the Consolidated Group’s federal income Tax liability in such taxable period.

• If the SHO Companies are required by law to carry back any such federal Tax Benefit Item, the SHO Companies shall be entitled to a payment at the time and to the extent that such Tax Benefit Item reduces the federal income Tax liability of the Consolidated Group.

• In the event any state Tax Benefit Item of the SHO Companies with respect to any taxable period after they cease being State Affiliated Companies is eligible to be carried back to a taxable period while the SHO Companies were State Affiliated Companies, the SHO Companies shall, where possible, elect to carry such amounts forward to subsequent taxable periods.

More Definitions of Tax Benefit Item

Tax Benefit Item means to the extent not used to reduce accrued Income Taxes of the Company and the Company Subsidiaries and to the extent not otherwise taken into account in the Final Closing Statement or Final Purchase Price (i) the Transaction Tax Deductions available to be carried forward by the Company to a Post-Closing Tax Period, and (ii) any disallowed business interest under Section 163(j) of the Code available to be carried forward by the Company to a Post-Closing Tax Period.

Tax Benefit Item means any net operating loss, unused foreign Tax credit, unused investment credit, unused charitable deduction, unused capital loss, or similar unused Tax benefit item arising with respect to the CIE Companies in a given taxable period, computed as though the CIE Companies had independently filed a federal or state income Tax Return for all relevant taxable periods including all of the CIE Companies.

Tax Benefit Item means any net operating loss, unused foreign Tax credit, unused charitable deduction, unused capital loss, or similar unused Tax benefit item that could reduce a Tax.

Tax Benefit Item means any net operating loss, capital loss, tax credit, carryforward or similar item generated in a consolidated return tax year, or in a prior separate return tax year, that is utilized in the current consolidated income tax return.

Tax Benefit Item means any net operating loss, unused foreign Tax credit, unused charitable deduction, unused capital loss, or similar unused Tax benefit item arising with respect to the Orchard Companies in a given taxable year during which they were Members of the Consolidated Group or a State Affiliated Company, computed as though the Orchard Companies had independently filed a federal or state income Tax Return for such taxable year including all of the Orchard Companies.

Tax Benefit Item means the sum of all items of deduction or loss attributable to (a) the repayment of Company Indebtedness at Closing or as contemplated by this Agreement, (b) the payment of Company Transaction Expenses and (c) any payments contemplated by this Agreement that are treated as compensation, (including without limitation, the Employee Stay Bonuses) that are borne by the Seller, to the extent such expenses are deductible by Holdings or its Subsidiaries for Income Tax purposes in any Post-Closing Tax Period and to the extent not previously deducted or otherwise taken into account in determining Adjusted Closing Working Capital.

Tax Benefit Item means $440,852, provided that the Tax Benefit Item shall be reduced to the extent of any cash payment received from any Taxing Authority in respect of any component benefit item of the Tax Benefit Item between the date hereof and the Closing Date. Schedule I shall set forth the items used to determine the Tax Benefit Item (the "TAX BENEFIT ITEM SCHEDULE").