ALLOCATION OF DEPRECIATION Sample Clauses

ALLOCATION OF DEPRECIATION. For each fiscal year of the Partnership there shall be charged to the Capital Account of each Partner, and allocated to each Partner for income tax purposes, an amount of the Depreciation as follows: FIRST: 50% to the KG General Partner and the Class A Limited Partners in proportion to their Residual Partnership Interests and 50% to the WKA General Partner and the Class B Limited Partners in proportion to their Residual Partnership Interests to the extent of the excess in the case of each Partner of (X) current and prior allocations of Net Income and Gain from a Capital Transaction made in the 50-50 ratio over the sum of (Y) distributions of Operating Cashflow and Extraordinary Cashflow made in the 50-50 ratio, current and prior allocations of Net Loss and Net Loss from a Capital Transaction made in the 50-50 ratio, and prior allocations under this paragraph FIRST;
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ALLOCATION OF DEPRECIATION. The Fund's eligibility to depreciate property is determined according to the rules normally applicable to non-grantor trusts. The Internal Revenue Code and the regulations thereunder provide that, in the case of property held in a non- grantor trust, a depreciation deduction is available and should be apportioned between the income beneficiaries and the Trustee in accordance with the pertinent provisions of the instrument creating the trust or, in the absence of such provisions, on the basis of the trust income allocable to each. Under the Trust Agreement, the Trustee will create a depreciation reserve according to "generally accepted accounting principles" ("GAAP"). Under GAAP, the Trustee must establish a reserve equal to the difference between the cost basis of the Building (and the cost basis of other real estate contributed to the Fund, if any) and its salvage value, divided by the useful life of the Building (or the useful life of other real estate contributed to the Fund). The IRS issued General Counsel Memorandum 39709, which states that the IRS may require that the governing instruments of pooled income funds contain (a) a clause requiring establishment of a depreciation reserve fund to preserve the corpus for the charitable remainder beneficiary and (b) a clause requiring establishment of a depreciation reserve fund pursuant to GAAP. The IRS then issued Revenue Ruling 90-103, in which the IRS affirmatively requires governing instruments of both new and existing pooled income funds that permit a trustee to accept or invest in depreciable or depletable assets to contain a provision requiring that the trustee establish a depreciation or depletion reserve, and that such reserve must be in accordance with GAAP. This ruling applies to all funds created after February 15, 1991 and all existing funds that accept additional donations after that date. The Fund's Trust Agreement complies with the requirements of Revenue Ruling 90-103. When the Trustee establishes a depreciation reserve, the reserve must be funded on an annual basis with cash from the net income of the Fund. Any net income in excess thereof is then available for distribution to the income beneficiaries. Any available depreciation deduction is first allocated to the Trustee to the extent that income is set aside for the depreciation reserve. Any part of the deduction in excess of the income set aside for the reserve is apportioned between the income beneficiaries and the Trustee on the basis ...
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ALLOCATION OF DEPRECIATION. (A) For each fiscal year of the Venture there shall be charged to the Capital Account of each Venturer, and allocated to each Venturer for income tax purposes, an amount of the Depreciation (which is not a Nonrecourse Deduction) as follows:
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ALLOCATION OF DEPRECIATION. If both Lessor and Lessee contribute to the cost of constructing any of the Lessee Interior Improvements, Lessor and Lessee shall to the extent reasonably practicable agree in writing which of such improvements are to be constructed using Lessor's funds (and therefore are Lessor's property) and which of the improvements are to be installed with Lessee's funds (and therefore are Lessee's property). Such allocation of ownership of the Lessee Interior Improvements shall be made in a reasonable manner so that the benefits of accelerated or component depreciation for tax purposes and any investment tax credit shall be shared by Lessor and Lessee in proportion to the amount contributed by each of them for payment of the cost of the Lessee Interior Improvements. Any Lessee Interior Improvements constructed with Lessee's funds shall become a part of the realty and shall become Lessor's property upon the expiration for sooner termination of the Lease, except for items which Lessor and Lessee agree in writing prior to commencement of construction may be or shall be removed by Lessee.
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ALLOCATION OF DEPRECIATION. (a) Book depreciation of the Partnership from the Turbine 1 Project shall be allocated to and among the Partners in the same manner that Division I Cash Flow from Capital Events is (or would have been had there been Division I Cash Flow from Capital Events) distributed under the provisions of Section 5.3. (b) Book depreciation of the Partnership from the Turbines 2 and 3 Project shall be allocated to and among the Partnership in the same manner that Division II Cash Flow from Capital Events is (or would have been had there been Division II Cash Flow from Capital Events) distributed under the provisions of Section 5.4.
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ALLOCATION OF DEPRECIATION. (A) For each Fiscal Year there shall be charged to the Capital Account of each Partner, and allocated to each Partner for income tax purposes, an amount of the Depreciation as follows: FIRST: 65% to the General Partner and the Class A Limited Partners in proportion to their General Residual Partnership Interest and Class A Residual Partnership Interests and 35% to the Class B Limited Partners in proportion to their Class B Residual Partnership Interests to the extent of the excess in the case of each Partner of (X) current and prior allocations of Net Income and Gain from a Capital Transaction made in the 65-35 ratio over the sum of (Y) distributions of Operating Cashflow and Extraordinary Cashflow made in the 65-35 ratio, current and prior
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Related to ALLOCATION OF DEPRECIATION

  • Depreciation The Company treats Memorabilia and Collectibles assets as collectible and therefore will not depreciate or amortize the SERIES #SatchelPaige48LeafSGC30 going forward. Schedules to Tenth Amendment to Limited Liability Company Agreement – Collectable Sports Assets, LLC – Page 62 of 174 Schedules to Tenth Amendment to Limited Liability Company Agreement – Collectable Sports Assets, LLC – Page 63 of 174 Series Designation of #SHOELESSJOEJACKSON1915PSA8, a series of Collectable Sports Assets, LLC Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Collectable Sports Assets, LLC, as in effect as of the effective date set forth below (the “Agreement”). References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement. Name of Series #ShoelessJoeJackson1915PSA8, a series of Collectable Sports Assets, LLC, a Delaware limited liability company Date of establishment April 15, 2021 Managing Member CS Asset Manager, LLC, a Delaware limited liability company, is appointed as the Managing Member of #ShoelessJoeJackson1915PSA8 with effect from the effective date hereof and shall continue to act as the Managing Member of #ShoelessJoeJackson1915PSA8 until dissolution of #ShoelessJoeJackson1915PSA8 pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. Initial Member CS Asset Manager, LLC, a Delaware limited liability company Series Asset The Series Assets of #ShoelessJoeJackson1915PSA8 shall comprise the asset as further described in Schedule 1 attached hereto, which will be acquired by #ShoelessJoeJackson1915PSA8 through that certain Consignment Agreement dated as of 3/25/21, as it may be amended from time to time, and any assets and liabilities associated with such asset and such other assets and liabilities acquired by #ShoelessJoeJackson1915PSA8 from time to time, as determined by the Managing Member in its sole discretion. Asset Manager CS Asset Manager, LLC, a Delaware limited liability company. Management Fee As stated in Section 7.1 of the Agreement. Issuance Subject to Section 6.3(a)(i), the maximum number of #ShoelessJoeJackson1915PSA8 Interests the Company can issue may not exceed the purchase price, in the aggregate, of $212,500. Number of #ShoelessJoeJackson1915PSA8 Interests held by the Managing Member and its Affiliates The Managing Member must purchase a minimum of 0.5% and may purchase additional #ShoelessJoeJackson1915PSA8 Interests (including in excess of 10%), in its sole discretion, through the Offering. Broker Dalmore Group, LLC, a New York limited liability company. Brokerage Fee Up to 1.00% of the gross proceeds of the Interests from #ShoelessJoeJackson1915PSA8 sold at the Initial Offering of the #ShoelessJoeJackson1915PSA8 Interests (excluding the #ShoelessJoeJackson1915PSA8 Interests acquired by any Person other than Investor Members). Schedules to Tenth Amendment to Limited Liability Company Agreement – Collectable Sports Assets, LLC – Page 64 of 174 Other rights Holders of #ShoelessJoeJackson1915PSA8 Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #ShoelessJoeJackson1915PSA8 Interests. Officers There shall initially be no specific officers associated with #ShoelessJoeJackson1915PSA8, although, the Managing Member may appoint Officers of #ShoelessJoeJackson1915PSA8 from time to time, in its sole discretion. Aggregate Ownership Limit As stated in Section 1.1. Minimum Interests One (1) Interest per Member. • This card is a Jxx Xxxxxxx 1915 Cracker Jxxx Rookie Card, graded 8 by PSA. • Out of 106 graded examples only 18 have received a grade of PSA 8 with only 2 graded higher. • A PSA 8 most recently sold for $120,000 on 5/29/19 via Heritage Auctions. • According to PSA Card Facts, this set “was printed on thinner-than-usual cardstock, which revealed a textured surface showcasing the cards’ color-tint likenesses...Cardbacks devoted half the area to a short player biography and the rest to text promoting the set and the product.” • PSA goes on to say, “American, National and Federal League heroes include expected Hall of Famers Tx Xxxx, Wxxxxx Xxxxxxx, Txxx Xxxxxxx and Hxxxx Xxxxxx, plus Mxxxxx Xxxxxxx, Mxx Xxxxx, Bxxxxx Xxxxxx, Zxxx Xxxxx, Exx Xxxxx and Cxxxx Xxxxxxxx. Three eventual members of the 1919 “Black Sox” squad are present in the form of Cxxxx Xxxxxx, Ex Xxxxxxx, and the scarce “Shoeless Jxx” Jxxxxxx.” Notable Features: • According to PSA Card Facts, “This particular card is, arguably, his most popular and attractive issue”. There are none.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Allocation of Charges There will not be any agreement or understanding between the Servicer and the Borrower (other than as expressly set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges; provided that it is understood and acknowledged that the Borrower will be consolidated with or treated as a disregarded entity of the Servicer for tax purposes.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority: (i) First, to any Partner who was allocated Losses after the Capital Account of any other Partner was reduced to zero (0), to the extent of such Losses; provided, however, that in the event that the foregoing applies to more than one Partner, to those Partners pro rata according to the amount of such Losses allocated to each; and (ii) Second, to the Partners in accordance with their relative Percentage Interests.

  • Determination of Net Asset Value The net asset value per share of each class and each series of Shares of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 2 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

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