Common use of Operational Rules Clause in Contracts

Operational Rules. For purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose) subject to such adjustments or other methodologies as may be permitted or required by the Allocation Regulations. The Capital Accounts of the Partners shall be maintained and adjusted in accordance with and as provided in the Allocation Regulations as interpreted and applied in the discretion of the General Partner.