Common use of Accounting and Reports to the Owners, the Internal Revenue Service and Others Clause in Contracts

Accounting and Reports to the Owners, the Internal Revenue Service and Others. The Trustee shall (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver to each Owner, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1) to enable each Owner to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust (including a partnership information return, IRS Form 1065) and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Trust's characterization as a partnership for federal income tax purposes, (d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.05(b) with respect to income or distributions to Owners. The Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with respect to the Underlying Securities. The Trustee shall not make the election provided under Section 754 of the Code.