- 8 - 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 incomePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011