Computation of Net Profit or Loss. The Net Profit or Net Loss of the Company, for each fiscal year or other period, shall be an amount equal to the Company’s taxable income or loss for such period, determined in accordance with Code Section 703(a) (and, for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1), including income and gain exempt from federal income tax, shall be included in taxable income or loss).
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Horwitz Bradley J), Limited Liability Company Agreement (Trilogy International Partners Inc.), Limited Liability Company Agreement (Trilogy International Partners Inc.)
Computation of Net Profit or Loss. The Net Profit or Net Loss of the Company, for each fiscal year Fiscal Year or other period, shall be an amount equal to the Company’s 's taxable income or loss for such period, determined in accordance with Code Section § 703(a) (and, for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section § 703(a)(1), including income and gain exempt from federal income tax, ) shall be included in taxable income or loss).) and adjusted as follows:
Appears in 1 contract
Samples: Operating Agreement
Computation of Net Profit or Loss. The Net Profit or Net Loss of the Company, for each fiscal year or other period, Company shall be an amount equal to the Company’s 's taxable income or loss for such period, determined in accordance with Code Section 703(a) (and, for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1), including income and gain exempt from federal income tax, shall be included in taxable income or loss)accordance with generally acceptable accounting principals.
Appears in 1 contract
Samples: Limited Liability Company Agreement
