ALLOCATION OF NET PROFITS AND LOSSES FOR TAX PURPOSES. For accounting and income tax purposes, all items of income, gain, loss, deduction, and credit of the Company for any taxable year shall be allocated among the Members in accordance with their respective Membership Interests, except as may be otherwise required by the Internal Revenue Code of 1986, as amended.
Appears in 8 contracts
Samples: Contribution Agreement (Prime Medical Services Inc /Tx/), Limited Liability Company Agreement (Prime Medical Services Inc /Tx/), Limited Liability Company Agreement (Prime Medical Services Inc /Tx/)
ALLOCATION OF NET PROFITS AND LOSSES FOR TAX PURPOSES. For accounting and income tax purposes, all items of income, gain, loss, deduction, and credit of the Company for any taxable year shall be allocated among the Members in accordance with their respective Membership Percentage Interests, except as may be otherwise required by Section 704(c) of the Internal Revenue Code of 1986, as amended.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (KCI Animal Health, LLC), Limited Liability Company Agreement (KCI Animal Health, LLC), Limited Liability Company Agreement (Kinetic Concepts Inc /Tx/)
ALLOCATION OF NET PROFITS AND LOSSES FOR TAX PURPOSES. For accounting and income tax purposes, all items of income, gain, loss, deduction, and credit of the Company for any taxable year shall be allocated among the Members in accordance with their respective Membership Interests, except as agreed by the Members or as may be otherwise required by the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Prime Medical Services Inc /Tx/)
