Common use of Allocations on Transfers Clause in Contracts

Allocations on Transfers. In the event of an assignment of a Partner’s interest in the Partnership pursuant to Article VIII, deductions, credits, and income of the Partnership for federal, state, and local income tax purposes shall, unless otherwise required by applicable Treasury Regulations, be allocated between the assignor and assignee based on the number of days of the year during which each party owned such interest.

Allocations on Transfers. In the event of an assignment of a Partner’s 's interest in the Partnership pursuant to Article VIIIARTICLE 8, deductions, credits, and income of the Partnership for federal, state, and local income tax purposes shall, unless otherwise required by applicable Treasury Regulations, be allocated between the assignor and assignee based on the number of days of the year during which each party owned such interest.