Common use of Allocation of Net Income and Losses for Tax Purposes Clause in Contracts

Allocation of Net Income and Losses for Tax Purposes. (a) Except as otherwise provided herein, each item of income, gain, loss and deduction shall be allocated, for U.S. federal income tax purposes, among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 5.2(a).

Allocation of Net Income and Losses for Tax Purposes. (a) Except as otherwise provided herein, each item of income, gain, loss and deduction shall be allocated, for U.S. federal income tax purposes, among the Partners in the same manner as its correlative item of “book” income, gain, loss Net Income or deduction Net Loss is allocated pursuant to Section 5.2(a5.1(a).