- 9 - 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.Page: 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