Common use of BASIS ELECTIONS Clause in Contracts

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 Partner's interest in the Partnership, the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if reasonably Approved by the General PartnerPartners. 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 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 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.