Allocation of Depreciation Sample Clauses

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 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. (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.
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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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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) 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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Related to Allocation of Depreciation

  • Depreciation The Company treats Memorabilia and Collectibles assets as collectible and therefore will not depreciate or amortize the SERIES #JordanMagicLeBronTripleAutoJersey going forward. ScheduleXXXVII to Eleventh Amendment to Collectable Sports Assets, LLC Amended and Restated Limited Liability Company Agreement Exhibit 240 Series Designation of #UNITASPSA8, 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 #UNITASPSA8, a series of Collectable Sports Assets, LLC, a Delaware limited liability company Date of establishment May 7, 2021 Managing Member CS Asset Manager, LLC, a Delaware limited liability company, is appointed as the Managing Member of #UNITASPSA8 with effect from the effective date hereof and shall continue to act as the Managing Member of #UNITASPSA8 until dissolution of #UNITASPSA8 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 #UNITASPSA8 shall comprise the asset as further described in Schedule 1 attached hereto, which will be acquired by #UNITASPSA8 through that certain Consignment Agreement dated as of May 7, 2021, 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 #UNITASPSA8 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 #UNITASPSA8 Interests the Company can issue may not exceed the purchase price, in the aggregate, of $50,000. Number of #UNITASPSA8 Interests held by the Managing Member and its Affiliates The Managing Member must purchase a minimum of 0.5% and may purchase additional #UNITASPSA8 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 #UNITASPSA8 sold at the Initial Offering of the #UNITASPSA8 Interests (excluding the #UNITASPSA8 Interests acquired by any Person other than Investor Members). Other rights Holders of #UNITASPSA8 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 #UNITASPSA8 Interests. Officers There shall initially be no specific officers associated with #UNITASPSA8, although, the Managing Member may appoint Officers of #UNITASPSA8 from time to time, in its sole discretion. Aggregate Ownership Limit As stated in Section 1.1. Minimum Interests One (1) Interest per Member. Schedule 1 DESCRIPTION OF SERIES # UnitasPSA8 Investment Overview #UnitasPSA8 · Upon completion of the SERIES #UnitasPSA8 Offering, SERIES #UnitasPSA8 will purchase a Jxxx Xxxxxx 1957 Topps PSA 8 (The “Underlying Asset” with respect to SERIES #UnitasPSA8, as applicable), the specifications of which are set forth below.

  • 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.

  • Depreciation Recapture In the event there is any recapture of Depreciation or investment tax credit, the allocation thereof shall be made among the Partners in the same proportion as the deduction for such Depreciation or investment tax credit was allocated.

  • Allocation of Nonrecourse Debt For purposes of Regulations Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Partnership Interests.

  • 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 Overhead To the extent that Borrower, on the one hand, and the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, there shall be a fair and appropriate allocation of overhead costs between them, and the Borrower shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise.

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

  • Allocation of Nonrecourse Deductions Nonrecourse Deductions shall be allocated to the Members in accordance with their respective Percentage Interests.

  • Allocation of Charges There is not 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 the Servicer for tax purposes.

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

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