Tax Profits definition

Tax Profits and “Tax Losses” of the Partnership for any Fiscal Year shall mean the taxable income and tax loss of the Partnership for Federal income tax purposes for such year (without regard to the separate statement requirement of Section 703(a)(1)), increased by the amount of any tax-exempt income of the Partnership during such year and decreased by the amount of any Code Section 705(a)(2)(B) expenditures (within the meaning of Treasury Regulation Section 1.704-1(b)(2)(iv)(i)) of the Partnership during such Fiscal Year; provided, however, that, (A) Tax Profits and Tax Losses shall be computed without regard to (i) the amount of Gross Income that is specially allocated pursuant to Section 6.08(a), (ii) the amount of any item of Gross Income or deduction that is specially allocated pursuant to Sections 6.09(b), 6.09(c), 6.09(d)(ii) and 6.09(e) and (iii) the separate statement requirement of Section 703(a)(1) of the Code and (B) in the case of Section 704(c) Property (as defined below), depreciation for such Fiscal Year shall be an amount equal to (x) the depreciation for Federal income tax purposes with respect to such Section 704(c) Property for such Fiscal Year multiplied by (y) a fraction (i) the numerator of which is the fair market value of such Section 704(c) Property on the date of contribution (or revaluation) and (ii) the denominator of which is the adjusted basis of such Section 704(c) Property on the date of contribution (or revaluation) for Federal income tax purposes; provided, however, that if such adjusted basis is zero, depreciation shall be computed in a manner consistent with the method that would be used for tax purposes if the adjusted basis were greater than zero. The term “Section 704(c) Property” shall mean the Diebold Assets, the IBM Assets and any other property contributed to the Partnership that has a tax basis for Federal income tax purposes on the date of its contribution that differs from its fair market value on such date and any Partnership property that is revalued pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(f). For purposes of calculating Tax Profits or Tax Losses arising from any capital transaction involving Section 704(c) Property, the book value of such Section 704(c) Property shall be deemed to be its fair market value on the date of contribution or revaluation less the accumulated depreciation (calculated in accordance with the second preceding sentence) arising after that date with respect to such Section 704(c) ...
Sample 1
Tax Profits and "Tax Losses" for any taxable year mean the net income or loss of the Company as reported for federal income tax purposes as to such taxable year, calculated by (i) including all amounts allocated to all Members under Code Sections 702(a)(1) through 702(a)(8), (ii) increased by tax-exempt income and (iii) decreased by expenditures described in Code Section 705(a)(2)(B).
Sample 1
Tax Profits mean, for each taxable year of the Partnership, an amount equal to the net loss or taxable income, respectively, of the Partnership for such taxable year, determined in accordance with Section 703(a) of the Code (except that for such purposes, all items of income, gain, loss or deduction required to be separately stated under Section 703(a)(1) of the Code shall be included in taxable income or loss), increased by any exempt income and decreased by any expenditures described in Section 705(a)(2)(B) of the Code.
Sample 1

Examples of Tax Profits in a sentence

  • The Company has recognised Deferred Taxes which result from the timing difference between the Book Profits and Tax Profits that originate in one period and are capable of reversal in one or more subsequent periods.

  • Net After Tax Profits is defined as Net Operating Income minus recorded Tax Provision for the period, excluding any extraordinary adjustments due to changes in accounting rules as provided by the Financial Accounting Standard Board or for recording of Net Operating Loss Carryforward or other tax assets or liabilities relating to prior year results or activities.

  • Public communities can be used for collaboration if they are properly designed for it and enable you to identify and involve the members in a mutually beneficial way.

  • The deferred tax for timing differences between the Book and Tax Profits for the year is accounted for using the tax rates and laws that have been substantively enacted as of the Balance Sheet date.

  • Notwithstanding the determination of Applicable Percentage in the table set forth in Subsection 2.3.3 above, if gross revenues for a fiscal year of the Marine Business increase by an amount of 20% or more as compared to gross revenues for the previous fiscal year of the Marine Business, then the Applicable Percentage for such fiscal year will be 2.0% so long as Net After Tax Profits for such fiscal year exceed Base Profits for such fiscal year.

  • When performing a due diligence it is important to review the tax attributes such as the Contributed Capital Account (CUCA), the Net After Tax Profits Account (CUFIN), the Net After Tax Reinvested Profits Account (CUFINRE) and the expiration of tax losses.

  • Each Member's capital account shall thereafter be credited with the amount of the Member's additional cash contributions, if any, the agreed value of the Member's additional contributions of property, if any, and the Member's share of Tax Profits excluding Built-in Gains and Built-in Losses and shall be debited with the amount of cash withdrawals and distributions, the agreed value of property distributions and the Member's share of Tax Losses excluding Built-in Gains and Built-in Losses.

  • If Net After-Tax Profits for a fiscal year exceed Base Profits for such fiscal year, the Executive shall receive an Additional Incentive Bonus (in addition to any Additional Incentive Bonus pursuant to Subsection 13.2.4) equal to the Applicable Percentage set forth in the table below multiplied by the difference between actual Net After- Tax Profits and Base Profits.

  • Defered Tax resulting from timing difference between Book Profits and Tax Profits is accounted for, at prevailing or substantially enacted rate of tax to the extent timing differences are expected to crystalise, in case of Deferred Tax Liabilities with reasonable certainity and incase of Deferred Tax Assets with virtual certainity that there would be adequate future taxable income against which deferred tax assets can be realised.

  • Regardless of any merger, reorganization or liquidation of MMI after the Closing, Purchaser shall maintain separate profit and loss statements and other financial data and records reasonably necessary for determining Net Income and After Tax Profits so long as the determination of MMI Net Income and After Tax Profits is necessary for the determination of Additional Compensation as provided herein.


More Definitions of Tax Profits

Tax Profits and “Tax Losses” shall mean, for each Taxable Year, items of income and gain (including items not subject to Federal income tax) and items of loss, expense and deduction (including items not deductible, depreciable, amortizable or otherwise excluded from income for Federal income tax purposes), respectively, as determined under Federal income tax principles.
Sample 1
Tax Profits and “Tax Losses” for any Accounting Year means the net income or loss of the Company as reported for federal income tax purposes as to such Accounting Year, (i) calculated by including all amounts allocated to all Members under Sections 702(a)(1) through 702(a)(8) of the Code, (ii) increased by tax-exempt income, (iii) decreased by expenditures described in Code Section 705(a)(2)(B) and (iv) computing depreciation, amortization or other cost recovery deductions based on the Adjusted Tax Basis of the Company's assets.
Sample 1

Related to Tax Profits

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • 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.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Joint Return means any Return of a member of the Parent Group or the SpinCo Group that is not a Separate Return.

  • Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Tax Attributes means net operating losses, capital losses, tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, tax bases, separate limitation losses and any other losses, deductions, credits or other comparable items that could affect a Tax liability for a past or future taxable period.

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Gross Operating Profit For any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.

  • Adjusted gross income means that term as defined in section 62 of the internal revenue code of 1986.

  • Gross Profits means the gross profits calculated under section 4;

  • Net After-Tax Benefit means the Present Value of a Payment net of all federal state and local income, employment and excise taxes imposed on Executive with respect thereto, determined by applying the highest marginal rate(s) applicable to an individual for Executive’s taxable year in which the Change in Control occurs.

  • 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.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the liability for Taxes of the Corporation (or the Partnerships, but only with respect to Taxes imposed on the Partnerships and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return but using the Non-Stepped Up Tax Basis instead of the tax basis reflecting the Basis Adjustments of the Adjusted Assets and excluding any deduction attributable to Imputed Interest.

  • 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.

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

  • Tax Revenues means the Personal Income Taxes and such other revenues, including Alternative Revenues (but excluding Building Aid), as the Authority may derive directly from the State from taxes imposed by the City or the State and collected by the State.

  • Tax Benefit Schedule is defined in Section 2.02 of this Agreement.

  • 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-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.

  • Tax Items shall have the meaning set forth in Section 6.4.A.

  • Floating Profit/Loss means current profit/loss on Open Positions calculated at the current Quotes.

  • PRE-2017 NET OPERATING LOSS CARRYFORWARD means any net operating loss incurred in a taxable year beginning before January 1, 2017, to the extent such loss was permitted, by a resolution or ordinance of the Municipality that was adopted by the Municipality before January 1, 2016, to be carried forward and utilized to offset income or net profit generated in such Municipality in future taxable years.(B) For the purpose of calculating municipal taxable income, any pre-2017 net operating loss carryforward may be carried forward to any taxable year, including taxable years beginning in 2017 or thereafter, for the number of taxable years provided in the resolution or ordinance or until fully utilized, whichever is earlier.

  • Net Income (Loss) means, for any Person for any period, the aggregate of net income (or loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in conformity with GAAP.

  • After-Tax Contributions means amounts withheld from an Employee’s Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.

  • Gross Income from Operations with respect to any Hotel Property for any period, without duplication, all income and proceeds (whether in cash or on credit, and computed on an accrual basis) received by a Group Member or Qualified Manager for the use, occupancy or enjoyment of such Hotel Property, or any part thereof, or received by a Group Member or Qualified Manager for the sale of any goods, services or other items sold on or provided from the such Hotel Property in the ordinary course of such Hotel Property’s operation, during such period including without limitation: (a) all income and proceeds received from any Lease, Operating Lease and rental of rooms, exhibit, sales, commercial, meeting, conference or banquet space within such Hotel Property, including net parking revenue, and net income from vending machines, health club fees and service charges; (b) all income and proceeds received from food and beverage operations and from catering services conducted from such Hotel Property even though rendered outside of such Hotel Property; (c) all income and proceeds from business interruption, rental interruption and use and occupancy insurance with respect to the operation of such Hotel Property (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); (d) all Awards for temporary use (after deducting therefrom all costs incurred in the adjustment or collection thereof and in Restoration of such Hotel Property); (e) all income and proceeds from judgments, settlements and other resolutions of disputes with respect to matters which would be includable in this definition of “Gross Income from Operations” if received in the ordinary course of such Hotel Property’s operation (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); and (f) interest on credit accounts, rent concessions or credits, and other required pass-throughs; but excluding, (i) gross receipts received by lessees, licensees or concessionaires of such Hotel Property; (ii) consideration received at such Hotel Property for hotel accommodations, goods and services to be provided at other hotels, although arranged by, for or on behalf of the Loan Parties or Qualified Manager; (iii) income and proceeds from the sale or other disposition of goods, capital assets and other items not in the ordinary course of such Hotel Property’s operation; (iv) federal, state and municipal excise, sales and use taxes collected directly from patrons or guests of such Hotel Property as a part of or based on the sales price of any goods, services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes; (v) Awards (except to the extent provided in clause (d) above); (vi) refunds of amounts not included in Operating Expenses at any time and uncollectible accounts; (vii) gratuities collected by employees at such Hotel Property; (viii) the proceeds of any financing; (ix) other income or proceeds resulting other than from the use or occupancy of such Hotel Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from such Hotel Property in the ordinary course of business; and (x) any credits or refunds made to customers, guests or patrons in the form of allowances or adjustments to previously recorded revenues.