Common use of Accounting; Tax Year Clause in Contracts

Accounting; Tax Year. (a) The books and records of the Partnership shall be kept on the cash basis or the accrual basis, as determined by the Board. The Partnership shall report its operations for tax purposes on the cash method or the accrual method, as determined by the Board. The taxable year of the Partnership shall be the calendar year, unless the Board shall designate another taxable year for the Partnership that is a permissible taxable year under the Code.

Accounting; Tax Year. (a) The books and records of the Partnership shall be kept on the cash basis or the accrual basis, as determined by the Board. The Partnership shall report its operations for tax purposes on the cash method or the accrual method, as determined by the BoardBoard of Directors in its sole and absolute discretion, subject to applicable tax laws. The taxable year of the Partnership shall be the calendar year, unless the Board of Directors shall designate another taxable year for the Partnership that is a permissible taxable year under the Code.