Acme Steel Company (formerly known as Interlake, Inc., and now known as Acme Metals, Inc.) and Consolidated Subsidiaries - Page 8

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          that petitioner shall be responsible for all corporate income               
          taxes due with respect to the businesses carried on by petitioner           
          and its subsidiaries and, subject to paragraph 6(c), be entitled            
          to all refunds attributable thereto.                                        
               Paragraph 6 of the agreement, entitled “Refunds of Federal             
          Corporate Income Tax Resulting from Carrybacks of Net Operating             
          Losses and Other Items”, provides under subparagraph (a) that if            
          for any period ending after the effective date, petitioner                  
          realizes a net operating loss or credits that may be carried back           
          to taxable years ending before December 31, 1986, Interlake, to             
          the extent it receives any refund from the Internal Revenue                 
          Service (IRS), shall within 10 days of receiving the refund pay             
          petitioner the amount of the refund, plus interest.  All matters            
          relating to the filing of a claim for refund shall be determined            
          and handled solely by petitioner, provided that petitioner                  
          furnishes Interlake a copy of any claim for refund within 14 days           
          of filing the claim.                                                        
               Subparagraph 6(b) provides that if the IRS (A) disallows any           
          portion of the net operating loss or excess credits carried back            
          to a taxable year ending prior to December 31, 1986, or (B)                 
          proposes to adjust the Federal corporate income tax liability of            
          petitioner, or of any member of the affiliated group of which               
          petitioner previously was the common parent, and seeks to recover           
          from Interlake all or any portion of the Federal corporate income           






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