Common use of Accounting Methods; Tax Elections Clause in Contracts

Accounting Methods; Tax Elections. The Partnership shall report taxable income or loss using the accrual method of accounting for Federal income tax purposes; provided, that the Managing General Partner may change the method of accounting used for Federal income tax purposes, should a change be possible and desirable. The taxable year of the Partnership shall be the calendar year, unless the Partners shall determine otherwise. The Partnership shall elect to deduct expenses incurred in organizing the Partnership ratably over a 60-month period as provided in Section 709 of the Code. The Partnership shall make the election under Section 754 of the Code if so requested by any Partner upon the consent of all other Partners which consent will not be unreasonably withheld. The Managing General Partner may cause the Target Partnership to make an election under Section 754 of the Code only with the mutual consent of all other Partners, which consent will not be unreasonably withheld. In addition to the foregoing, the Managing General Partner shall, in its sole discretion, determine whether to make any other available tax elections and select any other appropriate tax accounting methods and conventions for any purpose under this Agreement.