Basis Election. In the event that a distribution of any of the Venture’s property is made in the manner provided in Section 734 of the Code, or where a Transfer of an Interest in the Venture permitted by this Agreement is made in the manner provided in Section 743 of the Code, then, upon the request of any Member, the Venture shall file an election under Section 754 of the Code, in accordance with procedures set forth in the applicable Treasury regulations. Each Member shall provide the Venture with all information necessary to give effect to any election under Section 754 of the Code.
Basis Election. If there is a distribution of property as described in Section 734 of the Code, or if there is a transfer of a Partnership Interest as described in Section 743 of the Code, the General Partner may, at its sole discretion, upon the request of any Partner, file on behalf of the Partnership an election under Section 754 of the Code to provide for an adjustment to the basis of the Partnership Property.
Basis Election. Upon the transfer of a Membership Interest, or a distribution of Company property, the Company shall have the right, but not the obligation, to elect pursuant to Section 754 of the Code to adjust the basis of Company property as allowed by Section 734(b) and 743(b) of the Code; provided, however, that if such an election is made, the Company shall not be required to make (and shall not be obligated to bear the expense of making) any accounting adjustments resulting from such election in the information supplied to any Investing Member.
Basis Election. The Partnership may, after conferring with its accounting firm, elect Code Section 754 treatment.
Basis Election. The Venture will file an election under Section 754 of the Code, or has filed such an election that has not been revoked, in accordance with procedures set forth in the applicable Treasury regulations. Each Member shall provide the Venture with all information necessary to give effect to any election under Section 754 of the Code.
Basis Election. Upon the Transfer of the Interest of any Member or the distribution of any property of the Company to a Member, the Company may file, in the sole and absolute discretion of the Management Committee, an election in accordance with applicable Income Tax Regulations, to cause the basis of the Company property to be adjusted for federal income tax purposes as provided by Sections 734 and 743 of the Code.
Basis Election. In the event that a distribution of any of the Company’s property is made in the manner provided in Code Section 734, or where a transfer of a Membership Interest permitted by this Agreement is made in the manner provided in Code Section 743, then, upon the request of any Member with respect to which an adjustment to the basis of the Company’s property is available under Code Section 734 or 743 in connection with such distribution or transfer, the Company shall file an election under Code Section 754, in accordance with procedures set forth in the applicable Treasury Regulations. Each Member shall provide the Company with all information necessary to give effect to any election under Code Section 754. Any additional expenses incurred by the Company as a result of such election in connection with a transfer of an interest in the Company (e.g., bookkeeping expenses) shall be borne by the transferee Member.
Basis Election. In the event a Partner sells or transfers all or a portion of its Partnership interest, the Partnership shall file an election in accordance with Section 754 of the Code to permit an adjustment to the basis of Partnership property as provided in Sections 734(b) and 743(b) of the Code if both the remaining Partner and the new Partner so agree.
Basis Election. In the event that a distribution of any of the Company's property is made in the manner provided in Section 734 of the Code, or where a transfer of an Interest in the Company permitted by this Agreement is made in the manner provided in Section 743 of the Code, then, upon the written request of any Member, the Company shall file an election under Section 754 of the Code and the Regulations thereunder and a corresponding election under the applicable section of state and local law. Each Member shall provide the Company with all information necessary to give effect to any election under Section 754 of the Code.
Basis Election. Upon the transfer of an interest in the Partnership, a distribution of its property, or the death of a Partner, the General Partner shall have the right, but not the obligation, to cause the Partnership to elect to adjust the basis of the Partnership property as allowed by ss.sx. 004(b), 743(b) and 754 of the Code, provided, however, that if such an election is made, the Partnership shall not be required to make (and shall not be obligated to bear the expenses of making) any accounting adjustments resulting from such election in the information supplied to the Partners, or if it provides such adjustments the Partnership shall have the right to charge the Partner or Partners benefitting from such election for the Partnership's reasonable expenses in making such adjustments.
