Extract to table

Further coordination with Pinnacle's current accountants is required to determine feasibility and timing

Accordingly, there is no mandatory withholding obligation at the Pinnacle entity level that must be deducted from closing proceeds for Pennsylvania purposes

The withholding is required to be remitted by Pinnacle (or the surviving entity post-merger) at or before the time of closing, and the mechanics of the withholding must be coordinated with the closing funds flow

The withholding amount must be deducted from the nonresident sellers' closing proceeds and remitted to the Comptroller of Maryland within the prescribed statutory period

If the Maryland PTE election is made for the short taxable period, the interaction between the PTE tax payment and the nonresident withholding obligation must be carefully coordinated to avoid double payment

Maryland's rules generally provide that PTE tax payments satisfy the withholding obligation for the same period, but the mechanics must be confirmed with the Comptroller