BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if Approved by the General Partner. The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the General Partner.
BASIS ELECTIONS. In the event of a transfer of all or any part of a Member's interest in the Company, the Company shall elect to adjust the basis of the Company's assets under Code Section 754 if Approved by the Members. The transferor or transferee of a Company interest shall pay all costs of preparing and filing all instruments or [20] 25 documents necessary to effectuate such election if made, unless otherwise Approved by the Members.
BASIS ELECTIONS. In the event of a transfer of all or any part of a Member's interest in the Company, the Company will elect to adjust the basis of the Company's assets under Code Section 754 if approved by the Managers. The transferor or transferee of a Company interest will pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made.
BASIS ELECTIONS. [20] 3.8 GENERAL ALLOCATION RULES ................................................. [20] 3.9 SHARING OF COMPANY NONRECOURSE DEBT ...................................... [21] 3.10 ADJUSTMENT OF GROSS ASSET VALUE .......................................... [21]
BASIS ELECTIONS. In the event of a transfer of all or any part of a Venturer's interest in the Venture, the Venture shall elect to adjust the basis of the Venture's assets under Code Section 754 if Approved by the Venturers. The transferor or transferee of a Venture interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the Venturers.
BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, the Partnership shall make the election described in Code Section 754 to adjust the basis of the Partnership's assets under Code Section 743(b). The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made.
BASIS ELECTIONS. The Managers, in their reasonable discretion, shall have the right and option of filing an election in accordance with applicable Regulations to cause the basis of Company property to be adjusted for federal income tax purposes as provided by Code Sections 734 and 743 in the event of an assignment of a Member’s interest by a Member, the death of a Member or the distribution of any property of the Company to a Member.
BASIS ELECTIONS. At Buyer's option, Astro and each Seller shall join with Buyer in making an election under Code Section 754 (and any corresponding election under state and local tax law) with respect to the purchase and sale of the Target Membership Interests. Sellers shall include any income, gain, loss or deduction, or other tax item resulting from the election on their tax returns to the extent required by applicable law.
BASIS ELECTIONS. The Company shall make an election under Section 754 of the Code with respect to RSVP's acquisition of the Assigned Interest from Hammes. In the event xx xxx future transfer of all or any part of a Member's interest in the Company, the Company shall, unless otherwise required under the Code, adjust the basis of the Company's assets under Code Section 754.
BASIS ELECTIONS. The Company shall elect to adjust the basis of the company's assets under Code Section 754. The Member who benefits from such 754 election shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made plus any additional ongoing costs incurred by the company as a result of such election.
