Adjustment to Capital Accounts for Distributions of Property. If property distributed in kind is reflected in the Capital Accounts of the Interest Holders at a book value that differs from the fair market value of such property on the date of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated among the Interest Holders in accordance with this Section 4.2.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC)
Adjustment to Capital Accounts for Distributions of Property. If ------------------------------------------------------------ property distributed in kind is reflected in the Capital Accounts of the Interest Holders Partners at a book value that differs from the fair market value of such property on the date of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated among the Interest Holders Partners in accordance with the provisions of this Section 4.2.
Appears in 1 contract
Samples: Agreement (Hollywood Park Inc/New/)
Adjustment to Capital Accounts for Distributions of Property. If ------------------------------------------------------------ property distributed in kind is reflected reelected in the Capital Accounts of the Interest Holders Partners at a book value that differs from the fair market value of such property on the date of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated among the Interest Holders Partners in accordance with the provisions of this Section 4.2.
Appears in 1 contract
Samples: Partnership Agreement (Hollywood Park Fall Operating Co)
Adjustment to Capital Accounts for Distributions of Property. If property distributed in kind is reflected in the Capital Accounts of the Interest Holders Partners at a book value that differs from the fair market value of such property on the date of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated among the Interest Holders Partners in accordance with the provisions of this Section 4.2.
Appears in 1 contract
Samples: Partnership Agreement (Switzerland County Development Corp)
Adjustment to Capital Accounts for Distributions of Property. If property distributed in kind is reflected in the Capital Accounts of the Interest Holders Members at a book value that differs from the fair market value Fair Market Value of such property on at the date time of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated among the Interest Holders Members in accordance with the provisions of this Section 4.24.1.
Appears in 1 contract
Samples: Operating Agreement (Liveworld Inc)
