Considered a Partnership Sample Clauses

Considered a Partnership. The Partners intend that, as defined in Section 7701(a) (2) of the Code, the Partnership will be treated as a partnership for United States, state and local income tax purposes. Specifically, each Partner agrees not to make the election described in Section 761(a) of the Code to be excluded from the application of the provisions of Subchapter K. Moreover, each Partner further agrees not to make an election to be excluded from the application of the partnership provisions of any applicable state taxation code or statute.

Considered a Partnership. Heber Loan Partners is intended to be and shall constitute a "partnership" for federal income tax purposes within the meaning of Section 761(a) of the Internal Revenue Code of 1954, as amended (the "Code"), and the rules and regulations promulgated thereunder. It is agreed that the income of the Partners attributable to the Partnership taxable for federal income tax purposes shall be determined under the provisions of Subchapter K of the Code relating to taxation of partners and partnerships, or by superseding legislation, rules or regulations enacted in lieu thereof. Each Partner further agrees not to take any action or make any election not to be so treated for purposes of the Code. The Partners, acting through the Management Committee, will make common elections at the Partnership level required by or permitted under the Code.

Considered a Partnership. The Partners intend that, pursuant to the ------------------------ provisions of Subchapter K of Chapter 1 of Subtitle A of the Code (as hereinafter defined), the Partnership will be treated as a partnership for Federal income tax purposes. Each Partner agrees not to make or attempt to make an election under Code Section 761 to be excluded from the application of Subchapter K or from the application of any comparable provisions of applicable state or local law. The Partnership and the Partners shall not elect classification of the Partnership for Federal tax purposes as other than a partnership under Treasury Regulations Section 301.7701-3. BRC in its sole discretion may determine whether to make or fail to make, on behalf of the Partnership, any corresponding election available for state or local tax purposes.

Considered a Partnership. The Members intend that, pursuant to the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code and/or any comparable provision of applicable state law, beginning as of the Effective Date, the Company will be treated as a partnership for Federal, state and local income tax purposes. Each Member agrees not to make or attempt to make an election under Section 761 of the Code or to be excluded from the application of Subchapter K or from the application of any comparable provisions of applicable state law. The Company and the Members shall not elect classification of the Company for Federal tax purposes as other than a partnership under Regulations Section 301.7701-3 or for state and/or local tax purposes under such comparable provisions of applicable state or local law.