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 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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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.

  • TAX QUALIFICATION This policy 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.

  • 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.

  • 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.

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

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


More Definitions of TAX QUALIFICATION

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

  • Impermissible Qualification means, relative to the opinion or certification of any independent public accountant as to any financial statement of any Obligor, any qualification or exception to such opinion or certification

  • Qualification Period means the period of time in which the List of Approved Suppliers shall be valid in accordance with the Tender; in which the Company shall have the right, at any time to issue Purchase Order(s) for Goods and/or to approach any or all of the Approved Suppliers and invite them, by way of RFQ to supply Goods, all in accordance with the terms and conditions of the Contract.

  • Qualification Date means the date as of which the Offering Statement was or will be qualified with the Commission pursuant to Regulation A, the Act and the Rules and Regulations; and

  • Qualification means any degree, diploma or certificate conferred upon a person after having been examined in respect of that person’s proficiency in a particular field of study;

  • Data qualifier means a specified character (or string of characters) that immediately precedes a data field that defines the general category or intended use of the data that follows.

  • Qualification Deadline has the meaning set forth in Section 2(a)(ii).

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

  • Disqualification means the Athlete’s results in a particular Competition or Event are invalidated, with all resulting Consequences including forfeiture of any medals, points and prizes;

  • Qualifications , in relation to an employee, means any degree, diploma or other academic, technical or professional qualification relevant to the position which he held.

  • Nondisqualification Opinion An Opinion of Counsel, prepared at the Trust’s expense and payable from the Collection Account, that a contemplated action will not cause (i) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or (ii) a “prohibited transaction” or “prohibited contributions” tax to be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.

  • Capital Disqualification Event has the meaning specified in Section 1.1 of the Indenture.

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • Independent Qualified Party means an investment banking firm, accounting firm or appraisal firm of national standing; provided, however, that such firm is not an Affiliate of the Company.

  • Disqualification Event shall have the meaning ascribed to such term in Section 3.1(rr).

  • United States Tax Compliance Certificate has the meaning specified in Section 3.01.