Texas Closing Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9432
• Format: Word; Rich Text

Description

Closing Agreement between NetRatings, Inc. and Nielsen Media Research, Inc. setting forth the closing procedures for additional investments dated December 21, 1999. 2 pages. A Texas Closing Agreement, also known as a Closing Agreement under Texas law, refers to a legally binding contract that is executed between the taxpayer and the Texas Comptroller of Public Accounts to resolve any tax disputes or controversies. In essence, this agreement serves as a means to settle tax assessments, disputes, or audit issues in a mutually agreed upon manner. It is designed to provide finality and certainty for the taxpayer by resolving any outstanding tax liability concerns, minimizing potential litigation risks, and avoiding costly and time-consuming legal proceedings. The Texas Closing Agreement can be applied in various tax-related scenarios, including sales tax, franchise tax, property tax, or any other state taxes governed by the Texas Tax Code. This agreement allows taxpayers to negotiate with the Comptroller's office and arrive at a resolution regarding tax matters. Different Types of Texas Closing Agreements: 1. Sales Tax Closing Agreement: This type of agreement is specific to addressing sales tax-related disputes or issues. It may involve reconciling discrepancies in sales tax reporting, determining proper tax ability of certain items, or agreeing upon a settlement amount for any sales tax assessments. 2. Franchise Tax Closing Agreement: This agreement focuses on resolving controversies related to franchise tax, which is imposed on certain types of businesses in Texas. It may involve clarifying relevant tax calculations, addressing disputes regarding the taxpayer's taxable margin or apportionment factors, or determining the appropriate tax liability. 3. Property Tax Closing Agreement: This type of agreement is employed to settle disputes or controversies related to property tax assessments. It may involve negotiations regarding property valuations, exemptions, appraisal methodologies, or evaluating the applicability of specialized property tax incentives. Regardless of the specific type, a Texas Closing Agreement is tailored to the individual taxpayer's circumstances and the nature of the tax dispute at hand. It requires thorough discussions, documentation, and negotiations between the taxpayer and the Texas Comptroller's office to reach a mutually acceptable resolution. By entering into a Texas Closing Agreement, taxpayers can ensure a final settlement regarding their tax liabilities, thereby gaining peace of mind and avoiding protracted legal battles. It is crucial for taxpayers to consult with tax professionals or legal advisors to navigate the complexities of the agreement and protect their financial interests.

A Texas Closing Agreement, also known as a Closing Agreement under Texas law, refers to a legally binding contract that is executed between the taxpayer and the Texas Comptroller of Public Accounts to resolve any tax disputes or controversies. In essence, this agreement serves as a means to settle tax assessments, disputes, or audit issues in a mutually agreed upon manner. It is designed to provide finality and certainty for the taxpayer by resolving any outstanding tax liability concerns, minimizing potential litigation risks, and avoiding costly and time-consuming legal proceedings. The Texas Closing Agreement can be applied in various tax-related scenarios, including sales tax, franchise tax, property tax, or any other state taxes governed by the Texas Tax Code. This agreement allows taxpayers to negotiate with the Comptroller's office and arrive at a resolution regarding tax matters. Different Types of Texas Closing Agreements: 1. Sales Tax Closing Agreement: This type of agreement is specific to addressing sales tax-related disputes or issues. It may involve reconciling discrepancies in sales tax reporting, determining proper tax ability of certain items, or agreeing upon a settlement amount for any sales tax assessments. 2. Franchise Tax Closing Agreement: This agreement focuses on resolving controversies related to franchise tax, which is imposed on certain types of businesses in Texas. It may involve clarifying relevant tax calculations, addressing disputes regarding the taxpayer's taxable margin or apportionment factors, or determining the appropriate tax liability. 3. Property Tax Closing Agreement: This type of agreement is employed to settle disputes or controversies related to property tax assessments. It may involve negotiations regarding property valuations, exemptions, appraisal methodologies, or evaluating the applicability of specialized property tax incentives. Regardless of the specific type, a Texas Closing Agreement is tailored to the individual taxpayer's circumstances and the nature of the tax dispute at hand. It requires thorough discussions, documentation, and negotiations between the taxpayer and the Texas Comptroller's office to reach a mutually acceptable resolution. By entering into a Texas Closing Agreement, taxpayers can ensure a final settlement regarding their tax liabilities, thereby gaining peace of mind and avoiding protracted legal battles. It is crucial for taxpayers to consult with tax professionals or legal advisors to navigate the complexities of the agreement and protect their financial interests.