Common use of Allocation of Items Clause in Contracts

Allocation of Items. Included in Net Profits and Net Losses. Whenever a proportionate part of the Net Profits or Net Losses is allocated to a Member, every item of income, gain, loss, or deduction entering into the computation of such Net Profits or Net Losses shall be credited or charged, as the case may be, to such Member in the same proportion.

Allocation of Items. Included in Net Profits and Net Losses. Whenever a proportionate part of the Partnership’s Net Profits or Net Losses is allocated credited or charged to a MemberPartner’s Capital Account, every item of income, gain, loss, loss or deduction entering into the computation of such Net Profits Profit or Net Losses Loss shall be considered either credited or charged, as the case may be, and every item of credit or tax preference related to such Member Net Profit or Net Loss and applicable to the period during which such Net Profit or Net Loss was realized shall be allocated to such account in the same proportion.