Common use of Allocations Upon Transfer Clause in Contracts

Allocations Upon Transfer. If, during an accounting period, a member transfers to member’s rights to Company profits, losses and other income tax items to another person, the profits, losses and other tax items that would otherwise have been allocated to the transferring member for the accounting period shall be allocated between the transferor and the transferee pursuant to any methods chosen by the member that is permitted under Section 706 of the Internal Revenue Code.

Allocations Upon Transfer. If, during an accounting periodAccounting Period, a member Member ("Transferor Member") transfers to member’s rights to Company profits, losses and other income tax items all or any portion of its Units to another personPerson, the profitsitems of Net Income and Net Loss, losses and other together with corresponding tax items items, that otherwise would otherwise have been allocated to the transferring member for the accounting period Transferor Member with regard to such Accounting Period shall be allocated between the transferor Transferor Member and the transferee pursuant to Substitute Member in accordance with their respective Units during the Accounting Period using any methods chosen method permitted by the member that is permitted under Section 706 of the Internal Revenue CodeCode and selected by the Manager.