Common use of Computation of Capital Account Clause in Contracts

Computation of Capital Account. The balance of the “Capital Account” of a Partner is initially zero and as of any date is increased by (i) the amount of cash contributed by that Partner to the Partnership on or prior to that date; (ii) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the Partnership or to which such property is subject) which is contributed by that Partner to the Partnership on or prior to that date; (iii) any item of Partnership income or gain which is allocated to such Partner pursuant to Section 7.1 on or prior to that date; and is decreased by (iv) any Partnership deduction or loss which is allocated to such Partner pursuant to Section 7.1 on or prior to that date; (v) the amount of cash distributed by the Partnership to such Partner on or prior to that date; and (vi) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the distributee Partner or to which the property is subject) which is distributed by the Partnership to the Partner on or prior to that date. For Capital Account purposes, depreciation, cost recovery deductions and gain or loss on a sale or other disposition shall take into account the book basis, and not the tax basis, of the assets of the Partnership. Allocations pursuant to Section 7.1(e) shall not be taken into account for Capital Account purposes.

Computation of Capital Account. The balance of the “Capital Account” of a Partner is initially zero and as of any date is increased by (i) the amount of cash contributed by that Partner to the Partnership on or prior to that date; , (ii) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the Partnership or to which such property is subject) which is contributed by that Partner to the Partnership on or prior to that date; date and (iii) any item of Partnership income or gain which is allocated to such Partner pursuant to Section 7.1 on or prior to that date; and is decreased by (iv) any Partnership deduction or loss which is allocated to such Partner pursuant to Section 7.1 on or prior to that date; , (v) the amount of cash distributed by the Partnership to such Partner on or prior to that date; date and (vi) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the distributee Partner or to which the property is subject) which is distributed by the Partnership to the Partner on or prior to that date. For Capital Account purposes, depreciation, cost recovery deductions and gain or loss on a sale or other disposition shall take into account the book basis, and not the tax basis, of the assets of the Partnership. Allocations pursuant to Section 7.1(e) shall not be taken into account for Capital Account purposes.

Computation of Capital Account. The balance of the “Capital Account” of a Partner is initially zero and as of any date is increased by (i) the amount of cash contributed by that Partner to the Partnership on or prior to that date; , (ii) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the Partnership or to which such property is subject) which is contributed by that Partner to the Partnership on or prior to that date; date and (iii) any item of Partnership income or gain which is allocated to such Partner pursuant to Section 7.1 7.2 on or prior to that date; and is decreased by (iv) any Partnership deduction or loss which is allocated to such Partner pursuant to Section 7.1 7.2 on or prior to that date; , (v) the amount of cash distributed by the Partnership to such Partner on or prior to that date; date and (vi) the fair market value (as set forth in this Agreement, or if not set forth in this Agreement, as determined by the General Partner) of any property (reduced by any liabilities which are assumed by the distributee Partner or to which the property is subject) which is distributed by the Partnership to the Partner on or prior to that date. For Capital Account purposes, depreciation, cost recovery deductions and gain or loss on a sale or other disposition shall take into account the book basis, and not the tax basis, of the assets of the Partnership. Allocations pursuant to Section 7.1(e) shall not be taken into account for Capital Account purposes.