Common use of Contributions of Property Clause in Contracts

Contributions of Property. In accordance with IRC Section ------------------------- 704(c) and the Treasury Regulations thereunder, solely for federal and applicable state and local income tax purposes, income, gain, loss and deduction with respect to any property contributed to the Partnership shall be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the contributing Partner for federal income tax purposes and its fair market value at the time of contributions.

Contributions of Property. In accordance with IRC Section ------------------------- 704(c) ------------------------- and the Treasury Regulations thereunder, solely for federal and applicable state and local income tax purposes, income, gain, loss and deduction with respect to any property contributed to the Partnership shall be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the contributing Partner for federal income tax purposes and its fair market value at the time of contributionscontribution.