Common use of Minimum Gain Chargebacks Clause in Contracts

Minimum Gain Chargebacks. If there is a net decrease in either LLC Minimum Gain or minimum gain attributable to a Member Nonrecourse Debt during a LLC taxable year, each Member shall be allocated items of income and gain in accordance with the requirements of ss. ss. 1.7042(9)(2) and 1.7042(i)(5) of the Treasury Regulations. "LLC Minimum Gain" means LLC minimum gain computed in accordance with the principles of ss. 1.7042(d) of the Treasury Regulations.

Minimum Gain Chargebacks. If there is a net decrease in either LLC Minimum Gain or minimum gain attributable to a Member Nonrecourse Debt during a LLC taxable year, each Member shall be allocated items of income and gain in accordance with the requirements of ss. ss▇▇.▇▇. 1.7042(9)(2) and 1.7042(i)(5) of the Treasury Regulations. "LLC Minimum Gain," means LLC minimum gain computed in accordance with the principles of ss. 1.7042(d) of the Treasury Regulations.