Allocation of Income, Gains and Losses. Except as the Partners may determine otherwise in order to comply with the Internal Revenue Code and the regulations thereunder, all items of Partnership income, gains, losses, deductions and credits shall be allocated among the Partners on the day each such item is actually received, accrued or realized by the Partnership in accordance with each Partner's Percentage Interest on such date. The amount of depreciation on property of the Partnership and taxable gain or loss upon the sale of any property of the Partnership shall be allocated so as to take proper account of the difference between the adjusted tax basis of the property to the Partnership and the value of the property as determined under Article 4.2.
Appears in 4 contracts
Samples: Partnership Agreement (Pruco Life of New Jersey Variable Contract Real Property Acc), Partnership Agreement (Pruco Life Variable Contract Real Property Account), Partnership Agreement (Pruco Life of New Jersey Variable Contract Real Property Acc)
