Common use of Accounting Practice Clause in Contracts

Accounting Practice. The books of account of the Partnership shall be kept in accordance with good and accepted bookkeeping and accounting practices for similar properties, provided that all methods of accounting and of treating particular transactions shall be in accordance with the methods of accounting employed for Federal income tax purposes. The determinations of the Managing General Partner with respect to the treatment of any items or its allocation for federal, state or local tax purposes shall be binding upon all the Partners so long as such determination shall not be inconsistent with any express term hereof or of the Redemption Agreement.