Common use of Allocation of Company Items Clause in Contracts

Allocation of Company Items. Except as otherwise provided herein, whenever a proportionate part of Net Income or Net Loss is allocated to a Member, every item of income, gain, loss or deduction entering into the computation of such Net Income or Net Loss, and every item of credit or tax preference related to such allocation and applicable to the period during which such Net Income or Net Loss was realized shall be allocated to the Owner in the same proportion. The Net Income and Net Loss shall be apportioned to each Member based upon the number of months of its ownership during the year, without regard to the results of the Company’s operations during the period before or after the Member purchases Interests.