Allocation of Certain Tax Items. (a) Except as otherwise provided in this Paragraph 1.6, all items of income, gain, loss or deduction for federal, state and local income tax purposes will be allocated in the same manner as the corresponding “book” items are allocated under Paragraphs 1.2 (as a component of Net Income or Net Losses) or 1.4.
(b) In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company will, solely for tax purposes, be allocated among the Members (and, as applicable, Holders) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the initial Gross Asset Value thereof (computed in accordance with subparagraph (i) of the definition of the term Gross Asset Value herein).
(c) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (ii) or (iv) of the definition of the term Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such asset will take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder.
(d) In the event the Company has in effect an election under Section 754 of the Code, allocations of income, gain, loss or deduction to affected Members for federal, state and local tax purposes will take into account the effect of such election pursuant to applicable provisions of the Code.
(e) Any elections or other decisions relating to such allocations will be made by the Executive Board in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Paragraph 1.6 are solely for federal, state and local tax purposes and will comprise the information furnished to such Members in their Schedule K-1s each year. Except to the extent allocations under this Paragraph 1.6 are reflected in the allocations of the corresponding “book” items pursuant to Paragraphs 1.2 (as a component of Net Income or Net Losses), or 1.4, allocations under this Paragraph 1.6 will not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income, Net Losses, other items or distributions pursuant to any provision of this Agreement.
Allocation of Certain Tax Items. Profits and Losses described in Section 3.1(e)(v) shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Sections 1.704-1(b)(2)(iv)(j), (k) and (m).
Allocation of Certain Tax Items. As stated in Treasury Regulations Section 1.704-1(b)(4)(i), when any property of the Partnership is reflected in the Capital Accounts of the Partners and on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, then certain book items with respect to such property will differ from certain tax items with respect to that property. Since the Capital Accounts of the Partners are required to be adjusted solely for allocation of the book items, the Partners’ shares of the corresponding tax items are not independently reflected by adjustments to the Capital Accounts. These tax items must be shared among the Partners in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its book value in the same manner as variations between the adjusted tax basis and fair market value of property contributed to the Partnership are taken into account in determining the Partners’ share of tax items under Code Section 704(c). In making allocations of tax items of the Partnership, the Partnership shall comply with the foregoing principles.
Allocation of Certain Tax Items. 10 5.1 Liability for Restructuring Taxes and Deconsolidation.....................................................10 5.2
Allocation of Certain Tax Items. (a) Except as otherwise provided in this Paragraph 1.5, all items of income, gain, loss or deduction for federal, state and local income tax purposes shall be allocated in the same manner as the corresponding "book" items are allocated under Paragraphs 1.2 and 1.3 (as a component of Net Losses or Net Income), or Paragraph 1.4.
(b) In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the initial Book Value thereof (computed in accordance with subparagraph (i) of the definition of the term Book Value herein). Any such item of income, gain, loss or deduction shall be allocated in a manner consistent with Treasury Regulations Section 1.704-3, applying the method allowed under paragraph (b) thereof unless the Management Committee agrees to an allocation method allowed under Section 1.704-3(c) or (d).
(c) In the event the Book Value of any asset of the Company is adjusted pursuant to subparagraph (ii) or (iv) of the definition of the term Book Value (as set forth below), subsequent allocations of income, gain, loss and deduction with respect to such asset shall be determined using the principles specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(g) and shall take account of any variation between the adjusted basis of the asset to the Company for income tax purposes and its Book Value (excluding any portion of such variation subject to subparagraph 1.5(b)) in the manner required under Treasury Regulations Section 1.704-1(b)(4)(i). Such allocations shall be made in a manner consistent with Treasury Regulations Section 1.704-3(b) unless the Management Committee agrees to an allocation method allowed under Section 1.704-3(c) or (d).
(d) The Tax Matters Member may, in its reasonable discretion, cause the Company to make the election under Section 754 of the Code, in which event allocations of income, gain, loss or deduction to affected Members for federal, state and local tax purposes shall take into account the effect of such election pursuant to applicable provisions of the Code.
(e) All other matters concerning allocations for United States federal, state and local and non-U.S. income tax purposes, including accounting procedures, not express...
Allocation of Certain Tax Items. If any Property of the Company is reflected in the Capital Accounts of the Stockholders and on the books of the Company at a Book Value that differs from the adjusted tax basis of such Property (including, without limitation, any interest that the Company owns in a Subsidiary), then the tax items with respect to such Property shall, in accordance with the requirements of Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the Stockholders in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its Book Value in the same manner as variations between the adjusted tax basis and fair market value of property contributed to the Company are taken into account in determining the Stockholder’s share of tax items under Code Section. Notwithstanding the foregoing, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Stockholders so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the initial Book Value of such property in accordance with any permissible manner or manners under Code Section 704(c) and the Treasury Regulations thereunder.
Allocation of Certain Tax Items. If any property of the Company is reflected in the Capital Accounts of the Members and on the books of the Company at a Book Value that differs from the adjusted tax basis of such property, then the tax items with respect to that property shall, in accordance with Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the Members in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its Book Value in the same manner as variations between the adjusted tax basis and fair market value of property contributed to the Company are taken into account in determining the Members' share of tax items under Code Section 704(c).
Allocation of Certain Tax Items. (a) In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the initial Gross Asset Value thereof (computed in accordance with clause (i) of the definition of the term Gross Asset Value herein).
(b) If the Gross Asset Value of any Company asset is adjusted pursuant to clause (ii) or (iv) of the definition of the term Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder.
(c) If the Company has in effect an election under Section 754 of the Code, allocations of income, gain, loss or deduction to affected Members for federal, state and local tax purposes shall take into account the effect of such election pursuant to applicable provisions of the Code.
(d) Any elections or other decisions relating to such allocations shall be made by the Board of Managers in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 1.5 are solely for federal, state and local tax purposes and shall comprise the information furnished to such Members in their Schedule K-1s each year. Except to the extent allocations under this Section 1.5 are reflected in the allocations of the corresponding “book” items pursuant to Sections 1.2 or
Allocation of Certain Tax Items. If any property of the Company is reflected in the Capital Accounts of the Members and on the books of the Company at a book value that differs from the adjusted tax basis of such property, then the tax items with respect to such property shall, in accordance with the requirements of Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the Members in a manner that takes account of the variation between the adjusted tax basis of the applicable property
Allocation of Certain Tax Items. If any property of the Trust is ------------------------------- reflected in the Book Capital Accounts of the Holders and on the books of the Trust at a book value that differs from the adjusted tax basis of such property, then the tax items with respect to such property shall, in accordance with the requirements of Treasury Regulations Section 1.704-1 (b) (4) (i) under the Code, be shared among the Holders in a manner that takes account of the variation between the adjusted tax basis of the applicable property and its book value in the same manner as variations between the adjusted tax basis and fair market value of property contributed to the Trust are taken into account in determining the Holders' share of tax items under Code Section 704 (c).
