Common use of Allocation of Taxable Income and Loss Clause in Contracts

Allocation of Taxable Income and Loss. (a) Except as otherwise provided in this Section 4.3, the taxable income or loss of the Company (and items thereof) for any Allocation Period shall be allocated among the Members in proportion to and in the same manner as Net Gain, Net Loss and separate items of income, gain, loss and deduction are allocated among the Members for Capital Account purposes pursuant to the provisions of Section 4.2. Except as otherwise provided in this Section 4.3, the allocable share of a Member for tax purposes in each specified item of income, gain, deduction and loss of the Company comprising Net Gain, Net Loss or an item allocated pursuant to Section 4.2 shall be the same as such Member’s allocable share of Net Gain, Net Loss or the corresponding item for such Fiscal Period.

Allocation of Taxable Income and Loss. (a) Except as otherwise ------------------------------------- provided in this Section 4.34.6, the taxable income or loss of the Company (and items thereof) for any Allocation Period Fiscal Year shall be allocated among the Members Owners in proportion to and in the same manner as Net GainProfit, Net Loss and separate items of income, gain, loss and deduction (excluding items for which there are no related tax items) are allocated among the Members Owners for Capital Account purposes pursuant to the provisions of Section 4.24.5. Except as otherwise provided in this Section 4.34.6, the allocable share of a Member an Owner for tax purposes in each specified item of income, gain, deduction and loss of the Company comprising Net GainProfit, Net Loss or an item allocated pursuant to Section 4.2 4.5 shall be the same as such Member’s Owner's allocable share of Net GainProfit, Net Loss or the corresponding item for such Fiscal PeriodYear.