ALLOCATION OF INHERENT GAIN IN PROPERTY Sample Clauses

ALLOCATION OF INHERENT GAIN IN PROPERTY. (a) Pursuant to Section 704(c) of the Code, income, gain, loss and deduction with respect to property contributed by the Partners (or property whose basis is determined by reference solely to the Partner who contributed such property) shall be allocated in a manner to take account of the variation between the tax basis of the property and initial Gross Asset Value in accordance with the method described in Section 1.704-3 selected by the General Partner. This Section is intended to comply with Section 704(c) of the Code and shall be interpreted consistent therewith. Allocations made pursuant to this Section shall not increase or decrease or otherwise affect the respective Capital Accounts of the Partners. (b) In the event the Gross Asset Value of any asset included in the Partnership Property is adjusted pursuant to Clause (b)(ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the Treasury Regulation thereunder. Allocations made pursuant to this Section shall not increase or decrease or otherwise affect the respective Capital Accounts of the Partners. ARTICLE 7 - ADDITIONAL FINANCING, ETC. 7.01 EXTERNAL FINANCING: Financing as required by the Business Plan (provided for in Section 10.03) is to be obtained by the Partnership from external sources to the fullest extent it is available on commercially reasonable terms, as approved by the Management Committee. Any such external financing will, if required by a lender and approved by Limited Partners who hold in the aggregate at least 51% of the total Percentage Interests of the Partners, be secured upon the Partnership Interests, will be without recourse to each Limited Partner except as to their respective Partnership Interests and shall be several and not joint or joint and several (except as to realization on the Partnership Interests in the event of a realization by the secured party). However, if such financing is required by a lender to be with recourse and on a several or joint and several basis among the Limited Partners and Limited Partners who hold in the aggregate at least 51% of the total Percentage Interests of the Partners approve such requirement of the lender, each of the Limited Partners shall enter into such guarantees or in...
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ALLOCATION OF INHERENT GAIN IN PROPERTY. (a) Pursuant to Section 704(c) of the Code, income, gain, loss and deduction with respect to property contributed by the Partners (or property whose basis is determined by reference solely to the Partner who contributed such property) shall be allocated in a manner to take account of the variation between the tax basis of the property and initial Gross Asset Value in accordance with the method described in Section 1.704-3 selected by the General Partner. This Section is intended to comply with Section 704(c) of the Code and shall be interpreted consistent therewith. Allocations made pursuant to this Section shall not increase or decrease or otherwise affect the respective Capital Accounts of the Partners. (b) In the event the Gross Asset Value of any asset included in the Partnership Property is adjusted pursuant to Clause (b)(ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the Treasury Regulation thereunder. Allocations made pursuant to this Section shall not increase or decrease or otherwise affect the respective Capital Accounts of the Partners.
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Related to ALLOCATION OF INHERENT GAIN IN PROPERTY

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Allocation of Tax Items To the extent permitted by section 1.704-1(b)(4)(i) of the Treasury Regulations, all items of income, gain, loss and deduction for federal and state income tax purposes shall be allocated to the Members in accordance with the corresponding "book" items thereof; however, all items of income, gain, loss and deduction with respect to Assets with respect to which there is a difference between "book" value and adjusted tax basis shall be allocated in accordance with the principles of section 704(c) of the IRS Code and section 1.704-1(b)(4)(i) of the Treasury Regulations, if applicable. Where a disparity exists between the book value of an Asset and its adjusted tax basis, then solely for tax purposes (and not for purposes of computing Capital Accounts), income, gain, loss, deduction and credit with respect to such Asset shall be allocated among the Members to take such difference into account in accordance with section 704(c)(i)(A) of the IRS Code and Treasury Regulation section 1.704-1(b)(4)(i). The allocations eliminating such disparities shall be made using any reasonable method permitted by the Code, as determined by the Manager.