Allocation Among Members Subsequent to Assignment Sample Clauses

Allocation Among Members Subsequent to Assignment. Each item of income, gain, loss, deduction and credit of the Company attributable to a transferred Unit shall, for federal income tax purposes, be determined on an annual basis (or other periodic basis, as required or permitted by Section 706 of the Code) and shall be allocated to the Members of the Company who own Units as of the close of business on the day preceding the first day of the quarter in which the transfer is recognized by the Company; provided, however, that gain or loss on a sale or other disposition of all or a substantial portion of the assets of the Company, shall be allocated to the owner of record of the Units on the date of sale. The Managing Member may revise, alter or otherwise modify such methods of determination and allocation as it determines necessary, to the extent permitted by Section 706 of the Code and regulations or rulings promulgated thereunder.
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Related to Allocation Among Members Subsequent to Assignment

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