Common use of Accounting and Reports Clause in Contracts

Accounting and Reports. (a) The records and books of account of the Partnership shall be reviewed as of the end of each fiscal Year by independent certified public accountants selected by the General Partner in his sole discretion. (b) As soon as practicable after the end of each Fiscal Year, the General Partner shall cause to be delivered to each person who was a Partner at any time during that Fiscal Year all information deemed necessary by the General Partner in his sole discretion for the preparation of the Partner's income tax returns, including a Form 1065/Schedule K-1 statement showing the Partner's share of Net Profit or Net Loss, deductions and credits for the year Federal income tax purposes, and the amount of any distributions made to or for the account of the Partner pursuant to this Agreement. (c) The independent certified public accounts selected by the General Partner in accordance with subsection (a) of this Section 23 shall prepare and mail to each Partner, within ninety (90) days after the end of each fiscal Year, an income statement for the Fiscal Year and a balance sheet as of the end of the Fiscal Year. (d) The Partnership shall cause to be prepared and mailed to each Partner a report setting out as of the end of each fiscal quarter information determined by the General Partner to be appropriate. (e) The General Partner shall cause tax returns for the Partnership to be prepared and timely filed with the appropriate authorities.

Accounting and Reports. (a) The records and books of account of the Partnership shall be reviewed audited as of the end of each fiscal Fiscal Year by independent certified public accountants selected by the General Partner Partners in his sole their discretion. (b) As soon as practicable after the end of each Fiscal Year, the General Partner Partners shall cause to be delivered to each person who was a Partner at any time during that Fiscal Year all information deemed necessary by the General Partner Partners in his their sole discretion for the preparation of the Partner's income tax returns, including a Form 1065/Schedule K-1 statement showing the Partner's share of Net Profit or Net Loss, deductions and credits for the year Federal income tax purposes, ,and the amount of any distributions made to or for the account of the Partner pursuant to this Agreement. (c) The independent certified public accounts accountants selected by the General Partner Partners in accordance with subsection (a) of this Section 23 shall prepare and mail to each Partner, within ninety (90) days after the end of each fiscal Fiscal Year, an audited income statement for the Fiscal Year and a an audited balance sheet as of the end of the Fiscal Year. (d) The Partnership shall cause to be prepared and mailed to each Partner a report setting out as of the end of each fiscal quarter Fiscal Quarter information determined by the General Partner Partners to be appropriate. (e) The General Partner Partners shall cause tax returns for the Partnership to be prepared and timely filed with the appropriate authorities.