Tax Penalty definition

Tax Penalty means, with respect to the Tax Verdict, liability of the Company as civil defendant with respect to the Tax Evasion Case for a monetary penalty of approximately US$18.2 million.
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Tax Penalty means the late filing penalty charged by the Internal Revenue Service for late filing of the partnership tax return, which, according to a notice dated August 12, 2013 and addressed to the Company, was $9,360 as of the date of such notice.
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Examples of Tax Penalty in a sentence

  • LINE 10 — Total Tax, Penalty, and Interest: Add Lines 7, 8 and 9, Enter the total on line 10.

  • Penalties for Failing to Remit the Tax Penalty and interest charges are applied to taxes that are not remitted by the due date.

  • The failure or omission of any Bidder to examine all the forms, instruments, and documents shall in no way relieve the Bidder from any obligation in respect to his/her bid.

  • Addition to Tax, Penalty, and Interest from enclosed Schedule ADJ, Line 21.See instructions.

  • Disagreements as to whether payments pursuant to the foregoing would result in the imposition of a Tax Penalty shall be resolved by an opinion of counsel chosen by the Participant and reasonably satisfactory to the Company.

  • Your overpayment may be reduced by Underpayment of Estimated Tax Penalty.

  • Income Tax Demand for the Assessment Year 2010-11-Rs.4,56,25, 170/- Income Tax Penalty Demand for the Assessment Year 2007-08 Rs.7,38,960/- Income Tax Demand for the Assessment Year 2007-08 Rs.2,17,260/-The liability on account of non compliance of any of the statutory requirements under any law, to the extent applicable is not ascertainable.

  • Tax Penalty for Early Distribution If your certificate of deposit is in a retirement Account, there may be a tax penalty for early distribution under IRS regulations.

  • Charge of Gift Tax; Definition and Characteristics of Gift; Gifts to include Certain Transfer; Exemptions from Gift Tax; Determination of the Value of Gifts; Return of Gifts; Rates and Liability of Gift Tax; Penalty and Prosecution; Assessment Procedures; Gift Tax Authorities.

  • To the extent required in order to avoid any Tax Penalty, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this letter agreement during the six-month period immediately following Chairman’s separation from service shall instead be paid on the first business day after the date that is six months following Chairman’s separation from service (or death, if earlier).

Related to Tax Penalty

  • State premium tax liability means any liability

  • Tax Period means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or other applicable Tax Law.

  • Straddle Tax Period means a Tax period that begins on or before the Closing Date and ends thereafter.

  • Tax Refund means a refund of Taxes previously paid and any overpayment interest within the meaning of Section 6611 of the Code or any similar provision under applicable Tax Law (whether paid by way of a refund or credited against any liability for related Taxes).

  • Employee Taxes means all taxes, assessments, charges and other amounts whatsoever payable in respect of, and measured by the wages of, the Vendor’s employees (or subcontractors), as required by the Federal Social Security Act and all amendments thereto and/or any other applicable federal, state or local law.

  • Assumed Tax Liability means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member.

  • Post-Distribution Tax Period means a Tax year beginning and ending after the Distribution Date.

  • Tax Liability means the total taxes due to a municipal corporation for the taxable year, after allowing any credit to which the taxpayer is entitled, and after applying any estimated tax payment, withholding payment, or credit from another taxable year.

  • Pre-Distribution Tax Period means any taxable period (or portion thereof) that ends on or before the Distribution Date.

  • REO Tax As defined in Section 3.17(a).

  • Seller Taxes has the meaning set forth in Section 11.1(f).

  • Seller’s Taxes shall have the meaning set forth in Section 5.4(a) hereof.

  • Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • input tax , in relation to a vendor, means—

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • Tax Refunds means refunds of any Cash paid by the Participating CCAA Parties on account of Taxes, refunded to such Participating CCAA Parties from time to time by the applicable Taxing Authorities;

  • Asset Taxes means all ad valorem, property, excise, severance, production or similar Taxes (including any interest, fine, penalty or addition to Tax imposed by a taxing authority in connection with such Taxes) based upon operation or ownership of the Assets or the production of Hydrocarbons therefrom but excluding, for the avoidance of doubt, (a) income, capital gains, franchise and similar Taxes and (b) Transfer Taxes.

  • Distribution Taxes means any Taxes incurred solely as a result of the failure of the Intended Tax Treatment of the Restructuring, the Contribution or the Distribution.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Tax Attribute means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit or any other Tax Item that could reduce a Tax.

  • Straddle Period means any taxable period beginning on or prior to and ending after the Closing Date.

  • Transfer Tax means all transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with the transactions contemplated under this Agreement.

  • Tax Package has the meaning assigned in Section 6.01(b);

  • Prohibited Transaction Tax Any tax imposed under Section 860F of the Code. Prospectus: The prospectus dated February 21, 2006 as supplemented by the prospectus supplement dated February 23, 2006, relating to the Class A, Class B-1, Class B-2 and Class B-3 Certificates.

  • Post-Closing Straddle Period means the portion of a Straddle Period beginning the day after the Closing Date.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.