Common use of Accounting Methods; Fiscal Year Clause in Contracts

Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Manager. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. The fiscal year of the Company for both accounting and tax reporting purposes will be the calendar year.

Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Manager. For income tax purposes, the Company shall, unless otherwise required under the Internal Revenue Code, report as amended, be determined on a cash basisan accrual basis in accordance with generally accepted accounting principles of accrual accounting, and shall include gains or losses from the sale of Company assets. The fiscal year of the Company Company, for both accounting and tax reporting purposes will purposes, shall be the calendar year.