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.
Appears in 3 contracts
Samples: Partnership Agreement (Mediaamerica Inc), Partnership Agreement (Jones International Networks LTD), Partnership Agreement (Jones International Networks LTD)
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.
Appears in 1 contract
Samples: Partnership Agreement (Jones International Networks LTD)