Common use of Annual Income Tax Returns and Reports Clause in Contracts

Annual Income Tax Returns and Reports. Within 60 days after the end of each tax year of the General Partnership, a copy of the Partnership's state and federal income tax returns for the preceding tax year shall be mailed or otherwise provided to each partner, together with any additional information and forms necessary for each partner to complete his or her individual state and federal income tax returns. As long as this General Partnership is classified as a partnership for income tax purposes, this additional information shall include a federal (and, if applicable, state) Form K-1 (Form 1065 - Partner's Share of Income, Credits, Deductions) or equivalent income tax reporting form. Regardless of tax classification, this additional information shall also include a financial report, which shall include a balance sheet and profit and loss statement for the prior tax year of the General Partnership.

Annual Income Tax Returns and Reports. Within 60 days after the end of each tax year of the General Partnership, a copy of the Partnership's Delaware state and federal income tax returns for the preceding tax year shall be mailed or otherwise provided to each partner, together with any additional information and forms necessary for each partner to complete his or her individual state and federal income tax returns. As long as this General Partnership is classified as a partnership for income tax purposes, this additional information shall include a federal (and, if applicable, state) Form K-1 (Form 1065 - Partner's Share of Income, Credits, Deductions) or equivalent income tax reporting form. Regardless of tax classification, this additional information shall also include a financial report, which shall include a balance sheet and profit and loss statement for the prior tax year of the General Partnership.