Accounting Elections Sample Clauses

Accounting Elections. The Partnership shall keep its books in accordance with the following: (a) In the event of the transfer of any or all of a Limited Partner’s Units as described in Section 743 of the Code or if a distribution of Partnership property as described in Section 734 of the Code occurs, the General Partner shall, on request by notice from any Partner, file on behalf of the Partnership an election in accordance with applicable Regulations to cause the basis of the Partnership property to be adjusted for federal income tax purposes as provided in Sections 734, 743 and 754 of the Code. (b) The Partnership shall elect: (i) to deduct expenses incurred in organizing the Partnership ratably over the shortest period provided in Section 709 of the Code and
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Accounting Elections. The Partnership shall keep its books in accordance with the following: (a) In the event of the transfer of any or all of a Limited Partner’s Interests, the Partner who is a party to such transfer or distribution may request that the General Partner file on behalf of the Partnership an election in accordance with applicable Regulations to cause the basis of the Partnership property to be adjusted for federal income tax purposes as provided in Sections 734, 743 and 754 of the Code. The General Partner shall determine in, its sole discretion whether such election shall be filed. (b) The Partnership shall elect to deduct expenses incurred in organizing the Partnership ratably over a 180-month period as provided in Section 709 of the Code and to deduct qualified start-up expenditures over a 180-month period as provided in Section 195 of the Code. (c) No election may or shall be made by the Partnership or any Partner or Assignee to be excluded from the application of any of the provisions of Subchapter K, Chapter 1 of Subtitle A of the Code, or any similar provisions of state tax laws.
Sample 1
Accounting Elections. The Partnership records shall be maintained on an accrual basis of accounting and in accordance with generally accepted accounting principles. The federal and state tax returns for the Partnership shall be filed on the basis of accrual accounting; provided, however, that not less than 30 days prior to the filing date of any such returns, copies thereof shall be distributed to each of the Partners.
Sample 1
Accounting Elections. The Partnership shall keep its books in accordance with the following: (a) In the event of the transfer of any or all of a Limited Partner’s Interest, the Partner who is a party to such transfer or distribution may request that the General Partner file on behalf of the Partnership an election in accordance with applicable Regulations to cause the basis of the Partnership property to be adjusted for federal income tax purposes as provided in Sections 734, 743 and 754 of the Code. The General Partner shall determine in its sole discretion whether such election shall be filed. (b) The Partnership shall elect: (i) with respect to expenses incurred before October 24, 2004, (A) to deduct expenses incurred in organizing the Partnership ratably over a 60 month period as provided in Section 709 of the Code and (B) to deduct qualified start-up expenditures over a 60 month period as provided in Section 195 of the Code; and (ii) with respect to qualifying expenses incurred on or after October 24, 2004, (A) to deduct expenses incurred in organizing the Partnership ratably over a 180 month period as provided in Section 709 of the Code and (B) to deduct qualified start-up expenditures over a 180 month period as provided in Section 195 of the Code. (c) No election may or shall be made by the Partnership or any Partner or Assignee to be excluded from the application of any of the provisions of Subchapter K, Chapter 1 of Subtitle A of the Code, or any similar provisions of state tax laws.
Sample 1
Accounting Elections. The Partnership shall use the method of accounting as determined by the General Partner, subject to compliance with federal income tax laws. All elections required or permitted to be made by the Partnership under the Code shall be made by the General Partner in his sole discretion.
Sample 1

Related to Accounting Elections

  • Fiscal Year; Accounting The Company's fiscal year shall be the calendar year with an ending month of December.

  • Statements of Reconciliation after Change in Accounting Principles If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;

  • Fiscal Year and Accounting Method The fiscal year of the Company shall be as designated by the Board of Directors. The Board of Directors shall also determine the accounting method to be used by the Company.

  • Accounting Decisions All decisions as to accounting principles, except as specifically provided to the contrary herein, shall be made by the General Partner.

  • Tax Accounting Services (1) Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for “regulated investment companies” under the Internal Revenue Code of 1986, as amended (the “Code”). (2) Maintain tax lot detail for the Fund’s investment portfolio. (3) Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust. (4) Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

  • Other Accounting Reports Promptly upon receipt thereof, a copy of each other report or letter submitted to the Borrower or any of its Subsidiaries by independent accountants in connection with any annual, interim or special audit made by them of the books of the Borrower or any such Subsidiary, and a copy of any response by the Borrower or any such Subsidiary, or the Board of Directors of the Borrower or any such Subsidiary, to such letter or report.

  • Change in Accounting Method Neither Company nor any of its Subsidiaries has agreed to make, nor is it required to make, any material adjustment under Section 481(a) of the Code or any comparable provision of state, local, or foreign Tax Laws by reason of a change in accounting method or otherwise.

  • Accounting Reports (a) By February 20 of each calendar year the General Partner shall provide to the Limited Partner and the Special Limited Partner all tax information necessary for the preparation of their federal and state income tax returns and other tax returns with regard to the jurisdiction(s) in which the Partnership is formed and in which the Apartment Housing is located. (b) By March 1 of each calendar year the General Partner shall send to the Limited Partner and the Special Limited Partner: (1) a balance sheet as of the end of such fiscal year and statements of income, Partners' equity and changes in cash flow for such fiscal year prepared in accordance with generally accepted accounting principles and accompanied by an auditor's report containing an opinion of the Partnership's Accountants; (2) a report (which need not be audited) of any Distributions made at any time during the fiscal year, separately identifying Distributions from Net Operating Income for the fiscal year, Net Operating Income for prior years, Sale or Refinancing Proceeds, and reserves; and (3) a report setting forth the amount of all fees and other compensation and Distributions and reimbursed expenses paid by the Partnership for the fiscal year to the General Partner or Affiliates of the General Partner and the services performed in consideration therefor, which report shall be verified by the Partnership's Accountants, with the method of verification to include, at a minimum, a review of the time records of individual employees, the costs of whose services were reimbursed, and a review of the specific nature of the work performed by each such employee, all in accordance with generally accepted auditing standards and, accordingly, including such tests of the accounting records and such other auditing procedures as the Accountants consider appropriate in the circumstances. (c) Within 60 days after the end of each fiscal quarter in which a Sale or Refinancing of the Apartment Housing occurs, the General Partner shall send to the Limited Partner and the Special Limited Partner a report as to the nature of the Sale or Refinancing and as to the Income and Losses for tax purposes and proceeds arising from the Sale or Refinancing.

  • Accounting Method For both financial and tax reporting purposes, the books and records of the Company shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect all Company transactions and be appropriate and adequate for the Company’s business.

  • Accounting Methods Implement or adopt any change in its accounting principles, practices or methods, other than as may be required by generally accepted accounting principles.

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