Allocation of Partnership Items. Whenever a proportionate part of Net Income or Net Loss is allocated to an Owner, 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.
Appears in 2 contracts
Sources: Limited Partnership Agreement (Secured Investment Resources Fund Lp Ii), Agreement of Limited Partnership (Secured Investment Resources Fund Lp Ii)