Minimum Gain Charge Back. Except as otherwise provided in Regulations Section 1.704-2(f), and notwithstanding any other provision of this Article 16, if there is a net decrease in Partnership Minimum Gain during any Partnership Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such year (and, if necessary subsequent years) equal to such Partner's share of the net decrease in Partnership Minimum Gain, determined in accordance with Regulations Section 1.704-2(g); provided that a Partner shall not be subject to this Section 16.4(b)(i) to the extent that an exception is provided by Regulations Sections 1.704-2(f)(2), (3) and (4), and any Revenue Rulings issued pursuant to those Regulations. Any Partnership Minimum Gain allocated pursuant to this Section 16.4(b)(i) shall consist of first, gains recognized from the disposition of Partnership Property subject to one or more Partnership Nonrecourse Liabilities, and second, if necessary, a pro rata portion of the Partnership's other items of income or gain for that year. This Section 16.4(b)(i) is intended to comply with the minimum gain charge back requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith The FIT Capital Accounts of the Partners may be restated pursuant to Regulation Section 1.704-1(b)(2)(iv)(f) in connection with a termination of the Partnership under Code Section 708(b)(1)(B).
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Minimum Gain Charge Back. Except as otherwise provided in Regulations Section 1.704-2(f), and notwithstanding any other provision of this Article 16, if there is a net decrease in Partnership Minimum Gain during any Partnership Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such year (and, if necessary subsequent years) equal to such Partner's share of the net decrease in Partnership Minimum Gain, determined in accordance with Regulations Section 1.704-2(g); provided that a Partner shall not be subject to this Section 16.4(b)(i) to the extent that an exception is provided by Regulations Sections 1.704-2(f)(2), (3) and (4), and any Revenue Rulings issued pursuant to those Regulations. Any Partnership Minimum Gain allocated pursuant to this Section 16.4(b)(i) shall consist of first, gains recognized from the disposition of Partnership Property subject to one or more Partnership Nonrecourse Liabilities, and second, if necessary, a pro rata portion of the Partnership's other items of income or gain for that year. This Section 16.4(b)(i) is intended to comply with the minimum gain charge back requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith therewith. The FIT Capital Accounts of the Partners may will be restated pursuant to Regulation Section 1.704-1(b)(2)(iv)(f) in connection with a termination of the Partnership under Code Section 708(b)(1)(B).
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