Allocation of Income, Gain, Loss and Deduction Sample Clauses

Allocation of Income, Gain, Loss and Deduction. Except as provided in the next sentence, all items of taxable income, gain, loss and deduction shall be allocated to the Members in accordance with the corresponding allocations of Profit, Loss, income and expense made pursuant to this Section 8.1. 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 amount credited to the contributing Member’s Capital Account in respect of such contribution.
Sample 1
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Allocation of Income, Gain, Loss and Deduction. Section 704(c). Upon the sale of any property contributed by any Member, the gain or loss represented by the difference between the adjusted basis for Federal income taxation purposes and Book Value of the property to the Company shall be allocated to the Member who contributed such property, and the gain or loss in excess of that so allocated shall be allocated among the Members as provided in Sections 1. 2. 3 and 4 hereof. In addition, any other item of income, gain, loss or deduction with respect to such property shall be allocated in a manner consistent with the requirements of Section 704(c) of the Code and Treas. Reg. § l.704-l(b)(2)(iv)(g), as amended from time to time.
Sample 1
Allocation of Income, Gain, Loss and Deduction. After making any special allocations pursuant to Sections 1.2, 1.3 and 1.4 of this Exhibit, all items of income, gain, loss and deduction shall be allocated pursuant to Sections 7 and 8 of the Agreement.
Sample 1
Allocation of Income, Gain, Loss and Deduction. After giving effect to special allocation provisions with respect to our other classes of units, our items of income, gain, loss and deduction generally will be allocated amongst our common unitholders and our general partner in accordance with their percentage interests in us. If the capital accounts of the common unitholders have been reduced to zero, losses will be allocated to the ET Preferred Units until the capital accounts of the ET Preferred Units are reduced to zero. If ET Preferred Units are allocated losses in any taxable period, net income or, to the extent necessary, gross income from a subsequent taxable period, if any, would be allocated to the ET Preferred Units in a manner designed to provide their liquidation preferences.
Sample 1
Allocation of Income, Gain, Loss and Deduction. The income, gain, loss and deduction of the Company which is allocated to the Class A Units owned by the York Funds and KE shall be shared among the York Funds and KE in a manner consistent with the foregoing sharing of distributions. In this regard, for any taxable year prior to the taxable year in which the Company sells its business, the majority of its assets or otherwise liquidates, the amount of net income and gain allocated to KE in respect of the interests granted to her under this Agreement for any such taxable year shall not exceed the amount of distributions received by KE pursuant to Section 8 above for such taxable year.
Sample 1
Allocation of Income, Gain, Loss and Deduction. Except as otherwise provided in Sections 6.3 and 6.7(b) hereof, items of income, gain, loss or deduction recognized by the Partnership in accordance with the method of accounting and the books and records of the Partnership as in effect from time to time shall be allocated to and among the Partners, prior to any distributions of Cash Flow attributable thereto, as set forth below. (a) Net income and gain shall be allocated as follows: (i) First, to the Limited Partners with deficit Capital Account balances pro rata in accordance with such deficit balances in an amount to each such Limited Partner until such Limited Partner’s deficit balance has been reduced to zero; (ii) Next, to the General Partner in such amount as will cause the General Partner’s deficit Capital Account balance to equal zero; (iii) Next, to the Limited Partners in the proportion of the difference between their Unreturned Capital Contributions less their Capital Account balance until the credit balance of each Limited Partner’s Capital Account is equal to such Limited Partner’s Unreturned Capital Contributions; (iv) Next, to the General Partner in such amounts as are necessary to cause the credit balance of its Capital Account to be equal to its Unreturned Capital Contributions; (v) Next, to the Partners in such amounts as necessary to cause the amount of their Capital Account balances in excess of their Unreturned Capital Contributions to be in the ratio of their Partnership Interests; and (vi) Thereafter, to the Partners in accordance with their Partnership Interests. (b) Net loss and deductions shall be allocated as follows: (i) First, to the General Partner in such amount as will cause the General Partner’s Capital Account to be equal to its Unreturned Capital Contributions; (ii) Next, to the Limited Partners with a positive balance in their Capital Accounts in excess of their Unreturned Capital Contributions, in the ratio of such excess positive balances, in such amounts necessary to reduce each such Limited Partner’s positive Capital Account balance to an amount equal to its Unreturned Capital Contributions; (iii) Next, to the General Partner in such amount as will cause the General Partner’s Capital Account to be equal to zero; (iv) Next, to the Limited Partners with positive balances in their Capital Accounts pro rata in the ratio of such positive balances, in amounts equal to such positive balances; and (v) Thereafter, to the Partners in accordance with their Partnership Interest...
Sample 1
Allocation of Income, Gain, Loss and Deduction 
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Related to Allocation of Income, Gain, Loss and Deduction

  • 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.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Allocations of Income and Loss For each taxable year, each holder of Preferred Units will be allocated a portion of the Net Income and Net Loss of the Partnership equal to the portion of the Net Income and Net Loss of the Partnership that would be allocated to such holder pursuant to Article 6 of the Agreement if such holder held a number of Partnership Common Units equal to (i) the number of Preferred Units held by such holder, multiplied by (ii) 0.625. Upon liquidation, dissolution or winding up of the Partnership, the Partnership shall endeavor to allocate income and gain to the holders of the Preferred Units such that the Capital Accounts related to the Preferred Units are equal to their Liquidation Preference.

  • Net Loss A Net Loss for a particular fund or, in the case of a multi-class fund, a class results when aggregate Losses exceed aggregate Benefits (i.e., net redemptions on a day the fund’s or class’s NAV is overstated or net subscriptions on a day the fund’s or class’s NAV is understated) during the Error Period.

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

  • Net Income and Net Loss All net income or net loss of the Company shall be for the account of the Member.

  • Collection of Income The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled and shall credit such income, as collected, to the applicable Portfolio. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

  • Allocations of Net Income and Net Loss Except as otherwise provided in this Agreement, after giving effect to the special allocations in subparagraph 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the General Partner and Limited Partners in accordance with their respective Percentage Interests.

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