CODE SECTION 754 ELECTION. Upon a transfer of a Member’s Interest, the Manager may, but is not obligated to make an election on behalf of the Company pursuant to Section 754 of the Code and pursuant to corresponding provisions of applicable state and local tax laws, to adjust the basis of the assets of the Company pursuant to Sections 734 and 743 of the Code.
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement