Common use of 754 Election Clause in Contracts

754 Election. In the event of a distribution of property to a Member or a transfer of any interest in the Joint Venture permitted under the Act or this Agreement, the Joint Venture, upon the written request of the transferor or transferee, shall file a timely election under section 754 of the Code and the Income Tax Regulations thereunder to adjust the basis of the Joint Venture's assets under section 734(b) or 743(b) of the Code and a corresponding election under the applicable provisions of state and local law, and the Person making such request shall pay all costs incurred by the Joint Venture in connection therewith, including reasonable attorneys' and accountants' fees.

754 Election. In the event of a distribution of property to a Member Partner or a transfer of any interest in the Joint Venture permitted under the Act or this Agreement, the Joint Venture, upon the written request of the transferor or transferee, shall file a timely election under section 754 of the Code and the Income Tax Regulations thereunder to adjust the basis of the Joint Venture's assets under section 734(b) or 743(b) of the Code and a corresponding election under the applicable provisions of state and local law, and the Person making such request shall pay all costs incurred by the Joint Venture in connection therewith, including reasonable attorneys' and accountants' fees.

754 Election. In the event of a distribution of property to a Member Partner or a transfer of any interest in the Joint Venture permitted under the Act or this Agreement, the Joint Venture, upon the written request of the transferor or transferee, shall file a timely election under section Section 754 of the Code and the Income Tax Regulations thereunder to adjust the basis of the Joint Venture's assets under section Section 734(b) or 743(b) of the Code and a corresponding election under the applicable provisions of state and local law, and the Person making such request shall pay all costs incurred by the Joint Venture in connection therewith, including reasonable attorneys' and accountants' fees.

754 Election. In the event of a distribution of property to a Member or a transfer of any interest in the Joint Venture permitted under the Act or this Agreement, the Joint Venture, upon the written request of the transferor or transferee, shall file a timely election under section 754 of the Code and the Income Tax Regulations thereunder to adjust the basis of the Joint Venture's assets under section Section 734(b) or 743(b) of the Code and a corresponding election under the applicable provisions of state and local law, and the Person making such request shall pay all costs incurred by the Joint Venture in connection therewith, including reasonable attorneys' and accountants' fees.