Contributed Property. If property which has an adjusted basis that is different from its fair market value is contributed to the Company, gain or loss and depreciation with respect to such property shall be allocated in accordance with Section 704(c) of the Code and the Regulations thereunder as in effect on the date that the property is contributed.
Appears in 9 contracts
Sources: Limited Liability Company Agreement (Beazer Homes, LLC), Operating Agreement (Beazer Homes Sales, Inc), Operating Agreement (Beazer Homes Texas Lp)