TAX QUALIFICATION definition

TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code including, in the case of an owner who is a non-natural person, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Contract Value less any applicable charges. We reserve the right to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code. Both We and You agree to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code including, in the case of an Owner who is a non-natural person, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Contract Value less any applicable charges. We reserve the right to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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Examples of TAX QUALIFICATION in a sentence

  • THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.

  • TAX QUALIFICATION This contract is intended to qualify as an annuity contract for federal income tax purposes.

  • THIS PROVISION SHALL SUPERSEDE ANY DESIGNATION OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.

  • TAX QUALIFICATION This policy is intended to qualify as an annuity contract for federal income tax purposes.

  • ANNUITY TAX QUALIFICATION This contract is intended to qualify as an annuity contract under Section 72 of the Code for federal income tax purposes.

  • THIS PROVISION SHALL SUPERSEDE ANY DESIGNATION OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR SUBSCRIPTION AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.

  • ANNUITY TAX QUALIFICATION This contract is intended to qualify as an annuity contract under Section 72 and other relevant sections of the Code for Federal income tax purposes.

  • TAX QUALIFICATION OF PLAN AND TAX DEFERRAL OF MEMBER CONTRIBUTIONS Act 450 of 1990 added and changed several provisions of the system's law with the intention of becoming a "qualified" plan under the Internal Revenue Code.

  • TAX QUALIFICATION This Contract is intended to qualify as an Annuity contract for federal income tax purposes.

  • THIS PROVISION SHALL SUPERSEDE ANY DESIGNATION OF STOCK AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION OR STOCK AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW.


More Definitions of TAX QUALIFICATION

TAX QUALIFICATION. This Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of this Contract are to be interpreted to ensure or maintain such tax qualification, notwithstanding any other provision to the contrary. Distributions under this Contract shall be made in a time and manner necessary to maintain such qualification under the applicable provisions of the Internal Revenue Code including, in the case of an owner who is a non-natural person, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Contract Value less any Contract Fee under Section 4.1. We reserve the right to amend this Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform this Contract to any applicable changes in the tax qualification requirements.
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TAX QUALIFICATION means compliance with all applicable requirements of section 401(a) or 457(b) of the Internal Revenue Code.
Sample 1
TAX QUALIFICATION. The Contract is intended to qualify as an annuity contract for federal income tax purposes. To that end, the provisions of the Contract are to be interpreted to ensure or maintain such tax qualifications, notwithstanding any other provisions to the contrary. Distributions under the Contract shall be made in a time and manner necessary to maintain such qualification under ML-MGA-003 SPECIMEN 8 the applicable provisions of the Internal Revenue Code including, in the case of an Owner who is not an individual, the requirement to distribute the entire interest in the Contract upon any change of the Annuitant. For this purpose, the entire interest in the Contract is the Net Account Value. We reserve the right to amend the Contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform the Contract to any applicable changes in the tax qualification requirements.
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Related to TAX QUALIFICATION

  • pre-qualification means a screening process designed to ensure that invitations to bid are confined to capable providers;

  • Prequalification means the process set out in the Rules for determining whether an applicant is eligible to bid in a capacity auction in respect of a CMU;

  • Qualification Requirements means the qualification requirements as set forth in Section-2, Clause 2.1 of this RFP;

  • MREL Disqualification Event means that, at any time, all or part of the outstanding nominal amount of Securities is or will be excluded fully or partially from the eligible liabilities available to meet the MREL Requirements provided that: (a) the exclusion of a Series of such Securities from the MREL Requirements due to the remaining maturity of such Securities being less than any period prescribed thereunder, does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Securities due to there being insufficient headroom for such Securities within a prescribed exception to the otherwise applicable general requirements for eligible liabilities does not constitute a MREL Disqualification Event; and (c) the exclusion of all or some of a Series of Securities as a result of such Securities being purchased by or on behalf of the Issuer or as a result of a purchase which is funded directly or indirectly by the Issuer, does not constitute a MREL Disqualification Event.