Allocation of Taxable Income. Except as otherwise provided in paragraph (b) of this Section 3.08, taxable income, gain, loss or deduction of the Trust (as well as any credits and the basis of property to which such credits apply) as determined for federal income tax purposes shall be allocated in the same manner as the corresponding income, gain, loss or deduction is allocated for purposes of adjusting Capital Accounts under this Article III.
Appears in 4 contracts
Samples: Trust Agreement (Medallion Financial Corp), Trust Agreement (Medallion Financial Corp), Trust Agreement (Medallion Financial Corp)
