Calculation of Capital Account. Whenever it is necessary to determine the Capital Account of any Shareholder, the Capital Account of such Shareholder shall be determined in accordance with the rules of Regulation Sections 1.704-1 (b) (2) (iv) and 1.704-2 (as amended from time to time). If necessary to comply with the Code, an adjusted Capital Account may be employed.
Calculation of Capital Account. Except as may otherwise be provided herein, whenever it is necessary to determine the capital account of any partner, the capital account of such Partner shall be determined after giving effect to the allocation of the gains, income, loss, deductions, contributions and distributions as of the last day of the preceding calendar quarter.
Calculation of Capital Account. (a) Whenever it is necessary to determine the Capital Account of any Interestholder, the Capital Account of such Interestholder shall be determined in accordance with the rules of Regulation Sections 1.704-1(b)(2)(iv) and 1.704-2 (as amended from time to time).
