Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the Partnership may, at the sole discretion of the General Partners, elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amended, to adjust the basis of the Partnership property as allowed by Section 734(b) and 743(b) thereof. The election, if made, will be filed with the Partnership information income tax return for the first taxable year to which the election applies.
Appears in 5 contracts
Samples: Limited Partnership Agreement (Windsor Park Properties 6), Limited Partnership Agreement (Windsor Park Properties 3), Limited Partnership Agreement (Windsor Park Properties 7)
Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the Partnership may, at the sole discretion of the General Partners, elect, elect pursuant to IRC Section 754 of the Internal Revenue Code of 1954, as amended, to adjust the basis of the Partnership property as allowed by IRC Section 734(b) and 743(b) thereof). The election, if made, will be filed with the Partnership Partner-ship information income tax return for the first taxable year to which the election applies. The General Partners generally do not intend to make such an election.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Tower Park Marina Investors Lp)
Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the Partnership may, at in the sole discretion of the General Partners, elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amended, to adjust the basis of the Partnership property as allowed by Section Sections 734(b) and 743(b) thereof. The election, if made, will be filed with the Partnership information income tax return for the first taxable year to which the election applies.
Appears in 1 contract
Samples: Limited Partnership Agreement (Consolidated Capital Institutional Properties 2)
Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the Partnership may, at in the sole discretion of the General PartnersPartner(s), elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amended, to adjust the basis of the Partnership property as allowed by Section Sections 734(b) and 743(b) thereof. The election, if made, will be filed with the Partnership information income tax return for the first taxable year to which the election applies.
Appears in 1 contract
Samples: Limited Partnership Agreement (Consolidated Capital Institutional Properties 3)
Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the Partnership may, at the sole discretion of the General PartnersPartner, elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amendedCode, to adjust the basis of the Partnership property as allowed by Section Sections 734(b) and 743(b743(c) thereof. The election, if made, will be filed with the Partnership information income tax return for the first taxable year to which the election applies.
Appears in 1 contract
Samples: Limited Partnership Agreement (Venetian Blends, Inc.)
Adjustment of Tax Basis. Upon the transfer of an interest in the Partnership, the The Partnership may, at in the sole discretion of the General PartnersPartner, elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amended, Code; to adjust the basis of the Partnership property as allowed by Section 734(bCode Sections 734 (b) and 743(b) thereof743 (b). The This election, if made, will be filed with the Partnership information income tax return for the first taxable year to which the election applies.
Appears in 1 contract
