Operating Groups Federal Tax

Operating Groups Federal Tax. For a Taxable Period shall mean the consolidated Federal income tax liability (or, if applicable, the consolidated Federal alternative minimum tax liability) for such Taxable Period that the Operating Group would have incurred if it had not been included in the Parent's consolidated Federal income tax return filed with respect to such Taxable Period but instead Operating Co. had filed its own consolidated return with all of its Subsidiaries for such Taxable Period. In computing such tax... liability for any Taxable Period, the Operating Group shall not take into account any amounts paid or payable by Parent to Operating Co. or any of its Subsidiaries under Paragraphs 2, 7 or 9 hereof. In computing such tax liability, the Operating Group shall be entitled to take into account deductions and credits attributable to the carryover or carryback of any deductions, losses or credits of Operating Co. or any of its Subsidiaries only after taking into account any limitations on the use of such deductions, losses and credits imposed pursuant to Sections 170, 172, 382, 383, 384, 904 or 1212 of the Code or by Treasury Regulations Sections 1.1502-15, 1.1502-20, 1.1502-21 or 1.1502-22. If the computation of the Operating Group's Federal Tax does not result in a positive number, the Operating Group's Federal Tax shall be deemed to be zero. View More