Allocations of Income, Gain and Loss Sample Clauses

Allocations of Income, Gain and Loss. (a) Tax Items. For any taxable period or year and for purposes of I.R.C. Sections 702 and 704, or the corresponding sections of any future internal revenue law, or similar tax law of any state or jurisdiction, the determination of each Partner's distributive share of any Partnership item of income, gain, loss, deduction, credit or allowance (the "Tax Items") shall be made as follows: (1) As to income, gain or credits: (A) First, an amount of income equal to the aggregate negative balances, if any, in the Capital Accounts of all the Partners shall be allocated to the Partners having such negative balances (computed prior to any transaction producing Capital Proceeds) pro rata in proportion to such Partners' respective negative Capital Account balances until all such Partners ' Capital Accounts have a zero balance; and (B) Then, any remaining income shall be allocated as follows: IBC (as General Partner):1percent IGC LP (as General Partner):1percent IBC (as Limited Partner):49percent IBC LP (as Limited Partner):49percent (2) As to losses, deductions or allowances: (A) First, to ICC LP, first in its capacity as General Partner and then in its capacity as Limited Partner, until ICC LP's positive Capital Accounts (both as General Partner and as Limited Partner) have been reduced to zero; (B) Second, to IBC, first in its capacity as General Partner and then in its capacity as Limited Partner, until IBC's positive Capital Accounts (both as General Partner and as Limited Partner) have been reduced to zero; (C) Third, to IBC or any other Partner which has made a Working Capital Loan pro rata in an amount equal to the unpaid balance due on such Working Capital Loans; and (D) Then, any remaining loss shall be allocated as follows: IBC1 percent IGC LP99 percent The allocations in this subparagraph (D) shall be allocated proportionally to the Partners' Percentages of Partnership Interest as General Partner and Percentages of Partnership Interest as Limited Partner.
Sample 1
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Allocations of Income, Gain and Loss. Except as otherwise provided in paragraph 5.03 and paragraph 5.06(b), items of income, gain, loss and deduction recognized by the Fund in accordance with the method of accounting and the books and records of the Fund as in effect from time to time shall be allocated to and among the Members as follows: (a) Income and gain shall be allocated as follows: (i) first, to the Members in an amount equal to the excess of the aggregate deduction and loss previously allocated to the Members pursuant to paragraph 5.02(b), less the aggregate amount of income and gain previously allocated to the Members pursuant to this paragraph 5.02(a)(i), pro rata among the Members in accordance with their respective allocable share of such excess amounts in the same order such deduction and loss were allocated; (ii) next, to the Class A Members in an amount equal to the excess of the sum of the aggregate Liquidated Company Proceeds previously distributed pursuant to paragraph 5.01(b), and the Liquidated Company Proceeds then distributable to the A Members pursuant to paragraph 5.01(b), less the aggregate amount of income and gain previously allocated to the Class A Members pursuant to this paragraph 5.02(a)(ii), pro rata among the A Members in accordance with their respective allocable share of such excess amounts; and (iii) thereafter, fifty percent (50%) to the Class M Members, pro rata in accordance with their Class M Carry Interests, and fifty percent (50%) to the Class A Members, pro rata in accordance with their Membership Interests. (b) Items of loss and deduction shall be allocated among the Members as follows: (i) first, to the Members pro rata in accordance with, and in an amount equal to, their positive Capital Account balances; and (ii) thereafter, pro rata among the Members in accordance with their Membership Interests.
Sample 1

Related to Allocations of Income, Gain and Loss

  • Allocations of Income and Loss For each taxable year, each holder of Preferred Units will be allocated a portion of the Net Income and Net Loss of the Partnership equal to the portion of the Net Income and Net Loss of the Partnership that would be allocated to such holder pursuant to Article 6 of the Agreement if such holder held a number of Partnership Common Units equal to (i) the number of Preferred Units held by such holder, multiplied by (ii) 0.625. Upon liquidation, dissolution or winding up of the Partnership, the Partnership shall endeavor to allocate income and gain to the holders of the Preferred Units such that the Capital Accounts related to the Preferred Units are equal to their Liquidation Preference.

  • 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.

  • Allocations of Net Income and Net Loss Except as otherwise provided in this Agreement, after giving effect to the special allocations in subparagraph 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the General Partner and Limited Partners in accordance with their respective Percentage Interests.

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

  • 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 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:

  • 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.

  • Allocations The profits and losses of the Company shall be allocated to the Members in accordance with their Percentage Interests from time to time.

  • Allocations of Net Profits and Net Losses Except as otherwise set forth herein, Net Profits and Net Losses shall be allocated for each Fiscal Year to the Members in proportion to their respective Capital Accounts.

  • 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.

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