Common use of Alternative facts Clause in Contracts

Alternative facts. The facts are the same as in paragraph (i) of this Example 10, except that FPX is classified as a partnership for U.S. tax purposes. The result would be the same as in paragraph (ii) of this Example 10, because the offset of the income gen- erated by FPX is a foreign use pursuant to § 1.1503(d)–3(a). This is the case because the items constituting such income are consid- ered under U.S. tax principles to be items of F1 and F2, the owners of interests in FPX (a hybrid entity), that are not separate units. Moreover, the result would be the same if F1 and F2 owned their interests in FPX indi- rectly through another partnership.