Depreciation Allocations. For income tax purposes, pursuant to Section 704(c) of the Code and the Treasury Regulations promulgated thereunder, depreciation, cost recovery and amortization deductions shall be allocated to the Partners as set forth in this Section 7.7.(B) in order to take into account any difference between (x) the Asset Value (as adjusted pursuant to the proviso in Section 7.1.(C)) of the assets on the date the assets are contributed to the Partnership or on any date on which the Capital Accounts are adjusted pursuant to Section 7.1.(C) and (y) the Partnership's adjusted tax basis in the assets on each such date. The foregoing allocation shall be implemented through the following provisions:
Appears in 4 contracts
Sources: Revolving Credit Agreement (Lyondell Chemical Co), Limited Partnership Agreement (Lyondell Chemical Co), Limited Partnership Agreement (Citgo Petroleum Corp)