Allocation of Nonrecourse Deductions. Beginning in the first taxable year in which there are allocations of "nonrecourse deductions" (as described in Section 1.704-2(b) of the Regulations) attributable to nonrecourse liabilities of the Company, and thereafter throughout the full term of the Company, nonrecourse deductions shall be allocated to the members in accordance with, and as a part of, the allocations of Company net losses for such period subject to the preceding Section 3 of this Article.
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Samples: Operating Agreement (Pepco Holdings Inc), Operating Agreement (Great Plains Energy Inc), Operating Agreement (Dominion Resources Inc /Va/)
Allocation of Nonrecourse Deductions. Beginning in the first taxable year in which there are allocations of "“nonrecourse deductions" ”, (as described in Section section 1.704-2(b) of the Treasury Regulations) attributable to nonrecourse liabilities of the Company, and thereafter throughout the full term of the Company, nonrecourse such deductions shall be allocated to the members Members in accordance with, and as a part of, the allocations of Company net losses profit or loss for such period subject to the preceding Section 3 of this Articleperiod.
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Allocation of Nonrecourse Deductions. Beginning in the first taxable year in which there are allocations of "“nonrecourse deductions" ” (as described in Section 1.704-2(b) of the Regulations) attributable to nonrecourse liabilities of the Company, and thereafter throughout the full term of the Company, nonrecourse deductions shall be allocated to the members in accordance with, and as a part of, the allocations of Company net losses for such period subject to the preceding Section 3 of this Article.
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