Definition of Profits and Losses. “Profits” and “Losses” mean, for each Taxable Year or other period, an amount equal to the Company’s taxable income or loss, respectively, for such Taxable Year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:
Definition of Profits and Losses. Profits" and "Losses" mean the annual income and loss, respectively, of the Partnership for a fiscal year (or portion thereof) as determined by the Partnership's accountants in accordance with principles applied in determining income, gains, expenses, deductions, and losses reported by the Partnership for federal income tax purposes on its partnership tax return, including, as applicable, any gain or loss from the sale, exchange, or other disposition of assets.
Definition of Profits and Losses. “Profits” and “Losses” and any items of income, gain, expense or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profits and Losses shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.01(c), 5.01(d) or 5.01(e). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.01, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). Unless otherwise agreed with a contributing Limited Partner, the Partnership shall use the traditional method for allocating items of income, gain and expense as required by Section 704(c) of the Code with respect to the properties acquired by the Partnership on or before the date hereof and, with respect to other properties subsequently acquired by the Partnership, the General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain and expense as required by Section 704(c) of the Code with respect to such properties, and such election shall be binding on all Partners.
Definition of Profits and Losses. 5.02 The term, “
Definition of Profits and Losses. “Profits” and “Losses” mean, for each Taxable Year, an amount equal to the Partnership’s taxable income or loss, respectively, for such Taxable Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: (i) The computation of all items of income, gain, loss and deduction shall include tax exempt income and those items described in Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for U.S. federal income tax purposes. (ii) If the Book Value of any Partnership property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e), (f) or (s), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. (iii) Items of income, gain, loss or deduction attributable to the disposition of Partnership property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. (iv) Items of depreciation, amortization and other cost recovery deductions with respect to Partnership property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g) and the definition of “Depreciation”. (v) To the extent an adjustment to the adjusted tax basis of any Partnership property pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); provided, however, that amounts otherwise taken into account for purposes of Section 8.2(a) shall not be taken into account again hereunder. (vi) Notwithstanding any other provision of this definition, any items which are specially allocated pursuant to pursuant to Section 8.2, Section 8.3 or any other provision of this Agreement shall be excluded from such taxable income or loss, provided that such items shall be calculated in manner consistent with this de...
Definition of Profits and Losses. “Profit” and “Loss” and any items of income, gain, expense or loss referred to in this Agreement shall mean the Company’s income or loss for the Fiscal Period, determined in accordance with section 703(a) of the Code and consistent with the principles of (i) maintaining Capital Accounts in accordance with Treas. Reg. Section 1.704-1(b)(2)(iv), and (ii) section 704(c) of the Code, except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Section 5.2 above.
Definition of Profits and Losses. For purposes hereof, the 'Profits or losses' of the Partnership for any fiscal year shall be the Net Income or loss of the Partnership for such fiscal year, as reflected on the audited statement of income pursuant to Section 5.2 hereof. Where property is reflected in the Capital Accounts at a book basis different from the basis of such property for U.S. Federal income tax purposes, all gain, loss, depreciation and amortization on such property shall be determined for purposes of adjusting Capital Accounts based on the book basis of such property in accordance with U.S. Department of Treasury Regulations Section 1.704-1(b)(2)(iv)(g).
Definition of Profits and Losses. The term "Profits" and "Losses" mean, for each fiscal year or other period, an amount equal to the Venture's tamble income or loss for sllch year or period as determined in accordaxxx xxth Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) (1) ofthe Code shall be included in taxable income or loss) and taxable income or loss shall be adjusted as provided by the Code and Regulations.
Definition of Profits and Losses. Profits" and "losses" shall be determined in accordance with federal income tax accounting principles as modified by Treasury Regulations Section 1.704-1(b)(2)(iv), except the profits and losses shall not include items that are specially allocated pursuant to Sections 6.2.2, 6.2.3 and 6.2.4.
Definition of Profits and Losses. “Profits” and “Losses” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-l(b)(2)(iv), except that Profits and Losses shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.01(b), (d), (e), (f) or (j). All allocations of income, Profits, gain. Losses, and expense (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.01, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4) or Section 5.01(k). The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain. and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners.
