Book-Tax Differences. In accordance with Code Sections 704(b) and 704(c) and the Treasury Regulations promulgated thereunder, income, gain, loss and deduction with respect to any asset contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for Federal income tax purposes and its fair market value at the time of contribution to the Company.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.)
