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Income Taxes Filing and Liability
(Separation Agreement Provision Type B)
Share of Tax Liability. The parties' individual share of the tax liability on the joint return will not be larger than the tax liability that each party would have paid by filing a separate tax return. Each party's share of the liability or refund on the joint return will be calculated by (a) determining the sum of the individual income, interest, dividends, capital gains, or other reportable income received by each and (b) dividing such sum by the total reportable income received by both. Credit will be given to each party for his or her individual withholding or estimated payments. If there is a deficiency assessment on the joint tax return, the amount due will be paid by either or both parties, depending upon whether the deficiency arose from individual income or out of a joint deduction. A CPA selected by both parties will compute the allocation of such deficiency.