Common use of Allocations and Distributions to Partners Clause in Contracts

Allocations and Distributions to Partners. Section 6.1 Allocation of Net Income and Net Losses and Cash Distributions from Normal Operations (a) For purposes of this Agreement, the "net income" and "net losses" shall mean the taxable income and losses as determined in accordance with the accounting methods followed by the Partnership for Federal income tax purposes but before deducting any allowance for depreciation or "recovery", of the cost of the property and assets of the Partnership. Net income or net losses shall not include any gain or loss realised by the Partnership from a "Capital Transaction" as defined in Section 6.3.

Allocations and Distributions to Partners. Section 6.1 Allocation of Net Income and Net Losses and Cash Distributions from Normal Operations. (a) For purposes of this Agreement, the "net income" and "net losses" shall mean the taxable income and losses as determined in accordance with the accounting methods followed by the Partnership for Federal income tax purposes but before deducting any allowance for depreciation or "recovery", " of the cost of the property and assets of the Partnership. Net income or net losses shall not include any gain or loss realised realized by the Partnership from a "Capital Transaction" as defined in Section 6.3.