Common use of Allocations for Tax and Capital Account Purposes Clause in Contracts

Allocations for Tax and Capital Account Purposes. For federal income tax purposes, each item of income, gain, loss, deduction and credit of the Partnership shall be allocated among the Partners in accordance with their Percentage Interests, except that the General Partner shall have the authority to make such other allocations as are necessary and appropriate to comply with Section 704 of the Code and the regulations issued pursuant thereto.

Allocations for Tax and Capital Account Purposes. For federal income tax purposes, each item of income, gain, loss, deduction and credit of the Partnership Company shall be allocated among the Partners Members in accordance with their Percentage Interests, except that the General Partner Manager shall have the authority to make such other allocations as are necessary and appropriate to comply with Section 704 of the Code and the regulations issued pursuant thereto.