Excess Depletion. Excess percentage depletion deductions with respect to depletable property shall be allocated to the Members in accordance with the allocation of gross income from the property from which such deductions are derived. The term “excess percentage depletion” shall mean the excess, if any, of deductions for percentage depletion as determined for tax purposes over the adjusted basis of the depletable property.
Appears in 2 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (Gryphon Gold Corp)