Adjustment of Value. If the value of any Company asset is adjusted, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall take account of any variation between the asset’s adjusted basis for federal income tax purposes and its value as so adjusted in the same manner as under I.R.C. Section 704(c) and the Treasury Regulations under that section.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
Adjustment of Value. If the value Value of any Company asset is adjusted, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall take account of any variation between the asset’s adjusted basis for federal income tax purposes and its value Value as so adjusted in the same manner as under I.R.C. Section section 704(c) of the Code and the Treasury Regulations under that section.
Appears in 1 contract
Adjustment of Value. If the value Value of any Company asset is adjusted, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall take account of any variation between the asset’s 's adjusted basis for federal income tax purposes and its value Value as so adjusted in the same manner as under I.R.C. Section section 704(c) of the Code and the Treasury Regulations under that section.
Appears in 1 contract
Samples: Operating Agreement (Advantage Learning Systems Inc)
