Tax Sharing Agreements are essential documents for U.S. corporate groups filing consolidated tax returns. They become necessary when multiple entities operate under a common parent company and file consolidated returns. The Tax Sharing Agreement establishes clear protocols for allocating tax liabilities and benefits, managing tax payments, handling refunds, and addressing audit responsibilities. It ensures compliance with IRS regulations, particularly Internal Revenue Code Sections 1502 and 1552, while providing a framework for efficient tax administration within the corporate group.
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1. Parties: Identification of parent company and subsidiaries involved in the agreement
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including tax-specific terminology
4. Tax Sharing Methodology: Detailed explanation of how tax liabilities and benefits will be allocated among group members
5. Payment Terms: Timing and method of payments between parties, including true-up provisions
6. Administrative Provisions: Procedures for filing returns, handling audits, and maintaining records
7. Term and Termination: Duration of agreement and conditions for termination or withdrawal
1. State Tax Provisions: Specific provisions for allocation of state tax liabilities and benefits when parties operate in multiple states
2. Foreign Tax Provisions: Provisions governing international tax matters and allocation of foreign tax credits
3. Dispute Resolution: Specific procedures for resolving disagreements related to tax calculations and payments
1. Schedule A - Participating Entities: Comprehensive list of all entities covered by the agreement
2. Schedule B - Allocation Methodology: Detailed calculations and examples of tax allocation methodologies
3. Schedule C - Payment Procedures: Specific procedures and timelines for making intercompany tax payments
4. Appendix A - Tax Return Filing Schedule: Timeline and responsibilities for tax return preparations and filings
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