NST » Topics » TAX MATTERS

This excerpt taken from the NST 10-K filed Feb 21, 2006.

TAX MATTERS

 

7.01 Responsibility for PTO Taxes. Each PTO shall prepare and file all Tax Returns and other filings related to its Transmission Business and Transmission Facilities and pay any Tax liabilities related to its Transmission Business and Transmission Facilities. The ISO shall not be responsible for, or required to file, any Tax Returns or other reports for any PTO and shall have no liability for any Taxes related to any PTO’s Transmission Business or Transmission Facilities. No PTO shall be responsible for, or required to file, any Tax Returns or other reports for any other PTO and shall have no liability for any Taxes related to any other PTO’s Transmission Business or Transmission Facilities. The ISO and each PTO hereby agree that, for tax purposes, a PTO’s Transmission Facilities shall be deemed to be owned by such PTO.

 

7.02 Responsibility for ISO Taxes. The ISO shall prepare and file all Tax Returns and other filings related to its operations and pay any Tax liabilities related to its operations. No PTO shall be responsible for, or required to, file any Tax Returns or other reports for the ISO and shall have no liability for any Taxes related to the ISO’s operations.

 

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