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tax refunded, petitioner shall pay Interlake the lesser of (i)
the amount of Federal corporate income taxes at issue, or (ii)
the amount Interlake paid to petitioner pursuant to subparagraph
6(a). All matters relating to acceptance or challenge of any
disallowance or adjustment to the Federal corporate income tax
liability of the carryback year or period shall be handled by
petitioner, in its sole discretion and at petitioner’s sole cost.
If the IRS proposes to adjust the Federal corporate income tax
liability of the year to which the loss or credit is carried
back, and if the period of limitations for assessment is open,
then Interlake shall be solely responsible for handling all
matters relating to the IRS’s adjustments or proposed
adjustments.
Subparagraph 6(c) provides that if Interlake realizes a
consolidated net operating loss or credit carryback for any
taxable year of Interlake ending after the effective date that
Interlake is unable to carry back to 1 or more taxable years
ending on or before the effective date, as a result of
petitioner's having filed one or more claims for refund, and
Interlake's having received and paid petitioner all or a portion
of the refund, then petitioner shall repay Interlake a portion of
the amount that Interlake paid petitioner on account of the claim
or claims for refund.
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Last modified: May 25, 2011