Tax Item

Tax Item. Shall mean any item of income, gain, loss, deduction, credit, recapture of credit or any other item which increases or decreases Taxes paid or payable, including an adjustment under Code Section 481 resulting from a change in accounting method.

Tax Item. Means each of the following items (or any combination thereof): (i) any Taxes for any Pre-Closing Period or attributable to the portion of the Straddle Period up to and including the Closing Date (including but not limited to, any liability arising under Treas. Reg. ss. 1.1502-6 or under any Tax allocation, Tax indemnification or Tax sharing contract or agreement in effect on (and including) or prior to the Closing Date), to the extent such Taxes exceed the reserve for... Taxes (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the Closing Balance Sheet (rather than in any notes thereto); and (ii) any Taxes attributable to the inclusion of any income, gain, loss, deduction or other Tax items resulting from the Section 338(h)(10) Election (in whole or in part) made pursuant to this Agreement (Sellers do not warrant the validity of the Section 338(h)(10) Election). View More

Tax Item. Means, with respect to any Income Tax, any item of income, gain, loss, deduction, and credit.

Tax Item. Means any item of income, gain, loss, deduction, credit, recapture of credit, or any other item that may have the effect of increasing or decreasing Taxes paid or payable.

Tax Item. Shall mean any item of income, gain, loss, deduction, credit, recapture of credit or any other item which increases or decreases Taxes paid or payable.