Offsetting Allocations. If, and to the extent that, any Member is deemed to recognize any item of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 1272-1274, 7872, 483, 482 or 83 of the Code or any similar provision now or hereafter in effect, and the Board determines that any corresponding Profit or Loss of the Member who recognizes such item should be allocated to such Member in order to reflect the Members' Economic Interest in the Company, then the Board may so allocate such Profit or Loss.
Appears in 3 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (Keystone Property Trust), Limited Liability Company Agreement (Centerpoint Properties Trust)