Allocation of Profits, Losses and Credits Sample Clauses

Allocation of Profits, Losses and Credits. Subject to Sections 10.02 and 10.03(b) through 10.03(h) all Profits, Losses and Credits shall be allocated 1% to the General Partner and 99% to the Investment Corporation.
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Allocation of Profits, Losses and Credits. All Profits, Losses and credits of the Company are to be allocated to Original Member.
Allocation of Profits, Losses and Credits. All losses, profits ----------------------------------------- and credits shall be allocated for purposes of Federal, state and municipal income taxes to the Partners in accordance with their Percentage Interests. The term "profits" and "losses" as used in this Article 7 shall mean taxable income and losses as determined for Federal income tax purposes using the accounting methods followed by the Partnership.
Allocation of Profits, Losses and Credits. Subject to the last ----------------------------------------- sentence of this Section 3.2(b), the profits, losses and credits of the -------------- Partnership (whether from operations, from the sale, exchange or other disposition of assets of the Partnership, or otherwise) shall be allocated among the Partners in accordance with their Partnership Shares as aforesaid. "Profits" or "losses" as used herein shall include, without limitation, each item of Partnership income, gain, loss and deduction. Upon the admission to the Partnership of any other Person not already a Partner, and upon the making by any existing Partner of an additional capital contribution (where less than all existing Partners then make additional capital contributions in equal amounts), the Partnership shall adjust Capital Accounts and Partnership Shares in accordance with Section 704(c) of the Code and subsequent allocations of profits and losses (which include items thereof) shall be made under Section 704(c) of the Code to take into account such adjustments.
Allocation of Profits, Losses and Credits. (a) Subject to Sections 10.02 and 10.03(b) through 10.03(h) all Profits, Losses and Credits shall be allocated 1% to the General Partner and 99% to the Investment Corporation. (b) Gains recognized by the Partnership upon the sale, exchange or other disposition of all or any substantial portion of the property owned by the Partnership shall be allocated as follows: (i) first, that portion of gains (including any gains treated as ordinary income for federal income tax purposes) which is equal in amount to such Partners' negative Capital Accounts shall be allocated to the Partners with negative Capital Account balances, in proportion to such balances, and (ii) second, gain in excess of the amount allocated under (i) shall be allocated to the Partners in an amount necessary to increase their Capital Accounts as nearly as possible to the amount of cash each Partner would receive under Section 10.07 solely in its capacity as a Partner if the aggregate balance of all Capital Accounts were cash available for distribution under such Section. (c) Losses recognized by the Partnership upon the sale, exchange or other disposition of all or any substantial portion of the property owned by the Partnership shall be allocated (i) first, to the extent and in such proportions as shall be necessary such that, after giving effect thereto, the respective balances in all Partners' Capital Accounts are proportionate to the Partners' Interests in the Partnership; (ii) second, to the Partners until each Partner's Capital Account equals his Capital Contribution to the Partnership; (iii) third, to the Partners to the extent of and in proportion to each Partner's Capital Account (after the adjustment in clause (ii)); and (iv) fourth, any remaining loss to the Partners in accordance with the manner in which they bear the economic risk of loss. (d) Any portion of the gains treated as ordinary income for federal income tax purposes under Sections 1245 and 1250 of the Code shall be allocated on a dollar for dollar basis to those Partners to whom the items of Partnership deduction or loss giving rise to the amount recaptured had been previously allocated. (e) If (i) the Partnership incurs recourse obligations or Partner Nonrecourse Debt (including, without limitation, Operating Deficit Loans and the Working Capital Loan made pursuant to Section 6.09) or (ii) the Partnership incurs losses from extraordinary events which are not recovered from insurance or otherwise (collectively, "Recourse ...
Allocation of Profits, Losses and Credits 

Related to Allocation of Profits, Losses and Credits

  • Allocation of Profits Profits for any Year shall be allocated in the following order and priority: (i) First, to any Partner who was allocated Losses after the Capital Account of any other Partner was reduced to zero (0), to the extent of such Losses; provided, however, that in the event that the foregoing applies to more than one Partner, to those Partners pro rata according to the amount of such Losses allocated to each; and (ii) Second, to the Partners in accordance with their relative Percentage Interests.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Profits Losses and Distributions A. Each Member shall share all profits and losses, pro rata, in proportion to the Member's Interest in the Company. A Member's Interest shall be defined as a Member's pro rata share of ownership in the Company. B. Any distribution of cash or any other property of the company shall be distributed in the following order: (1) payment of taxes; (2) payment of any indebtedness including debts owing to any Member and any other expenses; and (3) to the Members in accordance with each Member's Interest in the Company.

  • PROFITS/LOSSES For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

  • Allocations of Profits and Losses Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership.

  • Profits and Losses Distributions Until the admission of additional Members, the Original Member shall be entitled to all allocations of LLC profits and losses and to allocations of distributions.

  • Net Losses After giving effect to the special allocations set forth in Section 6.1(d), Net Losses for each taxable period and all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated as follows: (i) First, 2% to the General Partner, and 98% to the Unitholders, Pro Rata, until the aggregate Net Losses allocated pursuant to this Section 6.1(b)(i) for the current taxable year and all previous taxable years is equal to the aggregate Net Income allocated to such Partners pursuant to Section 6.1(a)(iii) for all previous taxable years, provided that the Net Losses shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (ii) Second, 2% to the General Partner, and 98% to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this Section 6.1(b)(ii) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase any existing deficit balance in its Adjusted Capital Account); (iii) Third, the balance, if any, 100% to the General Partner.

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