ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall subsequently be increased by such Unit’s share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 31 contracts
Samples: Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC), Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s 's net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall subsequently be increased by such Unit’s 's share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s 's share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 10 contracts
Samples: Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s 's net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall ), subsequently be increased by such Unit’s 's share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s 's share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (ML Cornerstone FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Aspect FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Appleton FuturesAccess LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s 's net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall subsequently be increased by such Unit’s 's share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s 's share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (ML Chesapeake FuturesAccess LLC), Limited Liability Company Operating Agreement (ML APM Global Commodity FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall subsequently be increased by such Unit’s share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 3 contracts
Samples: Operating Agreement (ML Chesapeake FuturesAccess LLC), Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Operating Agreement (ML Man Bayswater FuturesAccess LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall subsequently be increased by such Unit’s share of the taxable and tax-exempt income and gain of this FuturesAccess the Fund and decreased by such Unit’s share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess the Fund, as well as by any distributions.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC), Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC)
ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES. (a) A Tax Account shall be established for each Unit of each Class. The Tax Accounts of all outstanding Units shall initially be equal to each Unit’s net purchase price (i.e., the subscription price for such Unit reduced by any sales commissions) and shall ), subsequently be increased by such Unit’s share of the taxable and tax-exempt income and gain of this FuturesAccess Fund and decreased by such Unit’s share of the items of loss or expense and nondeductible items of loss or expense of this FuturesAccess Fund, as well as by any distributions.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML APM Global Commodity FuturesAccess LLC)
