Adjustment of Tax Basis. Upon the transfer of an interest in the Company, the Company may, at the sole discretion of the Managers, elect pursuant to Section 754 of the Internal Revenue Code of 1986, as amended, to adjust the basis of the Company property as allowed by Sections 734(b) and 743(b) thereof.
Appears in 9 contracts
Samples: Limited Liability Company Operating Agreement (Redwood Mortgage Investors IX), Limited Liability Company Operating Agreement (Redwood Mortgage Investors IX), Limited Liability Company Operating Agreement (Redwood Mortgage Investors IX)
Adjustment of Tax Basis. Upon the transfer of an interest in the Company, the Company may, at the sole discretion of the ManagersManager, elect pursuant to under Code Section 754 of the Internal Revenue Code of 1986, as amended754, to adjust the basis of the Company property as allowed by Sections 734(b) and 743(b) thereof.
Appears in 5 contracts
Samples: Operating Agreement (IMH Financial Corp), Limited Liability Company Operating Agreement (IMH Secured Loan Fund, LLC), Limited Liability Company Operating Agreement (Vestin Fund Iii LLC)
