Tax Percentage definition

Tax Percentage means the highest, aggregate effective marginal rate of federal, state and local income tax or, when applicable, alternative minimum tax, to which any Partner of the Partnership would be subject in the relevant year of determination (as certified to the General Partner by the Accountants); provided, that in no event shall the Tax Percentage be greater than the sum of (x) the highest, aggregate effective marginal rate of federal, state and local income tax or, when applicable, alternative minimum tax, to which the Partnership would have been subject if it were a C corporation, for federal income tax purposes, and (y) 5 percentage points. If any Partner is an S corporation, partnership or similar pass-through entity for federal income tax purposes, the Tax Percentage shall be computed based upon the tax rates applicable to the owner of such Partner (with similar principles applying if such owner is itself a pass-through entity).

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Tax Percentage means the rate, for any Fiscal Year, that the AIFM determines is necessary to reflect (a) the highest marginal U.S federal income tax rates applicable to individuals, (b) the highest combined marginal local and state income tax rates applicable to any member or former member of the Special Shareholder who is an individual, assuming that such local and state taxes are not deductible in computing taxable income for U.S. federal income tax purposes, unless such taxes are deductible without limitation, and (c) the Medicare Contribution tax on net investment income. In computing the Tax Percentage, the AIFM may take into account any additional taxes or special rates, including the alternative minimum tax rates and rules, relating to the types of income and gain included in ICAV taxable income for such Fiscal Year in the Tax Percentage in proportion to each applicable type of income and gain of the ICAV and such other assumptions as the AIFM reasonably determines.

Tax Percentage means, for a particular taxable year, the highest effective marginal combined rate of Federal, state and local income tax, imposed on any Taxpayer, as certified by the Tax Amounts CPA in a certificate filed with the Agent. The rate of "state income tax" to be taken into account for purposes of determining the Tax Percentage for a particular taxable year shall be deemed to be the highest state marginal tax rate applicable to any Taxpayer.

Examples of Tax Percentage in a sentence

• The amount and timing of such distributions, if any, pursuant to this Section 5.03 (“Tax Distributions”) to the Members (or any one of them) shall be determined by the Board of Managers, taking into account the Tax Percentage and such assumptions and limitations as the Board of Managers determines to be necessary or appropriate; provided, that in no event shall any Tax Distributions be made from and after an event of dissolution of the Company.

• Notwithstanding the foregoing provisions of this Article 6, the General Partner may, in its discretion, cause the Partnership to make distributions in cash to each Partner equal to the Tax Percentage of the net taxable income and gain allocated to such Partner in respect of the prior year.

• The Tax Distributions with respect to any taxable year shall be computed based upon the General Partner’s estimate of the Net Taxable Income, multiplied by the Applicable Tax Percentage (the “Tax Amount”) and shall only be paid to the extent previous distributions pursuant to Section 7.1 during such taxable year are insufficient to cover the Tax Amount for such taxable year.

• The Partnership shall distribute to each Partner, on a quarterly basis an amount sufficient to cover all federal, state and local income taxes and, when applicable, alternative minimum tax (including required estimated payments), attributable to the special allocations to such Partner set forth in Section 5.1(a), the first sentence of Section 5.1(d), and Section 5.1(e), computed at the applicable Tax Percentage for such Partner for the relevant year of determination.

• General Ledger & Tax Percentage of general ledger journal entries attributable to Service Recipient multiplied by the Provider Personnel Cost of General Ledger and Tax Group; plus Percentage of general ledger journal entries attributable to Service Recipient multiplied by the Other Costs of General Ledger and Tax Group.

More Definitions of Tax Percentage

Tax Percentage has the meaning set forth in Section 5.2(a) of this Agreement.

Tax Percentage means the maximum combined marginal rate of Federal, state and local income tax applicable in the relevant year to a Delaware corporation the principal place of business of which is in New York City (the rate applicable to corporations doing business in New York City being selected solely because the laws of the State of New York govern the terms of this Agreement).

Tax Percentage means the highest, aggregate effective marginal rate of federal, state and local income tax or, when applicable, alternative minimum tax, to which any Partner of the Company would be subject in the relevant year of determination (as certified to the Trustee by a nationally recognized tax accounting firm); provided, that in no event shall the Tax Percentage be greater than the sum of (x) the highest, aggregate effective marginal rate of federal, state, and local income tax or, when applicable, alternative minimum tax, to which the Company would have been subject if it were a C corporation, for federal income tax purposes, and (y) 5 percentage points. If any Partner or Upper Tier Owner of the Company is an S corporation, partnership or similar pass-through entity for federal income tax purposes, the Tax Percentage shall be computed based upon the tax rates applicable to the shareholder or partner of such Partner or Upper Tier Owner, as the case may be.

Tax Percentage means, for a particular taxable year, the highest effective marginal combined rate of federal and state income tax, imposed on an individual taxpayer, as certified by the Tax Amounts CPA in a certificate filed with the Trustee. The rate of "state income tax" to be taken into account for purposes of determining the Tax Percentage for a particular taxable year shall be deemed to be the higher of (a) the highest Connecticut income tax rate imposed on individuals for such year or (b) the sum of (i) the highest Michigan income tax rate imposed on individuals for such year and (ii) the Michigan intangibles tax rate.

Tax Percentage means, for any relevant period, (i) the highest effective marginal combined U.S. federal and income tax rate applicable to an individual residing in the State of Illinois for the taxable year in question with respect to items of the same character as the taxable income and gain of the Company for such period, or (ii) such other rate(s) as determined by the Board of Managers.

Tax Percentage means, for a particular taxable year, the highest effective marginal combined rate of federal, state and local income tax, imposed on an individual or corporate taxpayer, whichever rate is higher, as certified by the Tax Amount CPA in a certificate filed with the Trustee. The rate of “state income tax” to be taken into account for purposes of determining the Tax Percentage for a particular taxable year shall be deemed to be the highest New York State income tax rate imposed on individuals or corporations for such year, whichever rate is higher. The rate of “local income tax” to be taken into account for purposes of determining the Tax Percentage for a particular taxable year shall be deemed to be the highest New York City income tax rate imposed on individuals or corporations for such year, whichever rate is higher.

Tax Percentage means, as of any distribution date, the sum of: (a) the maximum federal income tax rate on ordinary income (i.e., income other than capital gain) of an individual, as specified in Code § 1(a); plus (b) the maximum state income tax rate on ordinary income of an individual resident of Delaware.