Allocations of Tax Items. (a) Items of income, deduction, gain and loss that are recognized by the Company for federal income tax purposes shall be allocated among the Members consistent with the allocations of such items under Sections 6.1 and 6.
Allocations of Tax Items. Except as otherwise provided in Sections 5.5(a) and (b), allocations of Company income, gain, loss, deduction and credit, as computed for federal income tax purposes, for each fiscal year shall be allocated among the Members in the same manner as the related items were allocated for Capital Account purposes pursuant to Sections 5.1 and 5.2.
Allocations of Tax Items. Allocations of Profit, Loss and items thereof shall be made pursuant to Article 6 of the Agreement (including, for avoidance of doubt, Section 6.9 thereof). Allocations pursuant to this provision and the Agreement will be subject to any prior allocations to be made to any class of Units entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or in priority to the holders of the Series C Preferred Units to the extent set forth in the Agreement or the allocation provisions in any Preferred Unit Designation or Partner Schedule relating to such class of Units.
Allocations of Tax Items. All allocations of items income, gain, loss, and expense (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in Section 5.01(a) through (g), except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704‑1(b)(4). Except as otherwise provided in the Tax Protection Agreement being entered into in connection with the Contribution Agreement, the General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code (including a method that may result in a Partner receiving a disproportionately larger share of the Partnership’s tax depreciation deductions) and such election shall be binding on all Partners.
Allocations of Tax Items. For federal income tax purposes, every item of income, gain, loss and deduction shall be allocated among the Members in accordance with the foregoing allocations.
Allocations of Tax Items. Each item of income and deduction recognized by the Partnership for federal, state or local income tax purposes shall be allocated among the Partners in the same manner that the corresponding item of tax book income or tax book deduction is allocated pursuant to the provisions of this Appendix A; provided, however, that
(i) if there are differences between the amount of an item for income tax purposes and the amount of the corresponding item for tax book purposes, then such item shall be allocated for income tax purposes taking into account the allocation of such corresponding tax book item and the provisions of Section 704(c) of the Internal Revenue Code applied in the manner determined by the Managing General Partner, but
(ii) the traditional method of Treas. Reg. ss. 1.704-3(b) shall be used in applying Section 704(c) with respect to the assets contributed to the Partnership upon the formation thereof. Items of income, gain, loss, deduction or credit which are not allocated for income tax purposes pursuant to the foregoing shall be allocated in the manner determined by the Managing General Partner. The provisions of this Appendix A with respect to the allocation of the Partnership's items of income, gain, loss, deduction or credit for income tax purposes may be amended by the Managing General Partner after any issuance by the Partnership of an interest in the Partnership to reflect the effect of such new interest in the Partnership taking into account applicable law and may also be amended by the Managing General Partner if, in either case, the Managing General Partner has received an opinion from Baker & Botts, L.L.P. or other independent tax counsel of nationally xxxxxnizxx xxanding that such amendment is appropriate to reflect the requirements of existing law; provided, however, that clause (ii) of the preceding paragraph may not be amended without the consent of each partner of MHP who would be adversely affected thereby.
Allocations of Tax Items. (a) Items of income, deduction, gain and loss that are recognized by the Partnership for federal income tax purposes shall be allocated among the Partners consistent with the allocations of such items under Sections 4.1 and 4.2. To the extent appreciation or depreciation in asset values is reflected in Capital Accounts prior to recognition for tax purposes, allocations shall be made in accordance with the principles and provisions of Code Section 704(c).
(b) All items of federal income tax credit and items of tax credit recapture shall be allocated among the Partners in accordance with the Partners’ interests in the Partnership as of the time the tax credit or credit recapture arises, as provided in Regulation Section 1.704-1(b)(4)(ii).
(c) Allocations pursuant to this Section 4.3 are solely for purposes of federal, state and local taxes. As such, they shall not affect or in any way be taken into account in computing a Partner’s Capital Account or share of Profits, Losses, or distributions pursuant to any provision of this Agreement.
Allocations of Tax Items. All items of income, gain, loss, deduction and credit shall be allocated to the Members in proportion to their respective Percentage Interests as in effect throughout the year, with appropriate adjustment for changes therein; provided, however, that in the event of a sale, exchange or other disposition of all or substantially all of the Company’s property or a casualty or taking in condemnation affecting the Company’s property or upon liquidation:
(a) all items of Company income, gain, profit, tax preference, or credit shall be allocated among the Members as follows (ordinary income shall be allocated prior to the allocation of capital gain):
(i) First, to and among the Members having deficit balances in their Capital Accounts, in proportion and to the extent of such deficit balances; and
(ii) Thereafter, in accordance with each Member’s Percentage Interest.
(b) All items of Company loss shall be allocated as follows:
(i) First, to the Members in proportion to the positive balances, if any, in their respective Capital Accounts; and
(ii) Thereafter, to the Members in proportion to their Percentage Interests.
Allocations of Tax Items. Each item of income and deduction recognized by the Partnership for federal, state or local income tax purposes shall be allocated among the Partners in accordance with their Ownership Percentages except to the extent that the General Partner determines that another allocation is required by law.
Allocations of Tax Items
