Adjustments to. “Profits” and “Losses”. When used in this Agreement, “Profits” and “Losses” shall mean, for each fiscal year or other period, an amount equal to the Partnership’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), and otherwise in accordance with the methods of accounting followed by the Partnership for federal income tax purposes, with the following adjustments:
Appears in 4 contracts
Samples: Limited Partnership Agreement (Lexington Realty Trust), Limited Partnership Agreement (Federal Realty Investment Trust), Limited Partnership Agreement (Lexington Master Limited Partnership)
