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. The term “profits” is defined to be income or gain of any kind that is actually received by the Partnership or that, because of generally accepted accounting procedures, must be deemed to have been received by the Partnership. The term “losses” is defined to be any deduction, expenditure, or charge that is actually incurred by the Partnership or that, because of generally accepted accounting procedures, must be deemed to have been incurred by the Partnership.
Definition of Profits and Losses. For purposes of this Exhibit A, "Profits" and "Losses" mean, for each fiscal year of the Partnership, the Partnership's taxable income or loss for such year as determined under Section 703(a) of the Code, with the following adjustments: (a) any tax-exempt income or Section 705(a)(2)(B) expenditures of the Partnership shall be taken into account as if they were taxable or deductible items, respectively, (b) any items of income or loss required to be allocated specially under the remaining provisions of this Exhibit A shall not be taken into account, and (c) depreciation, amortisation, gain and loss with respect to Partnership assets shall be computed based on the book value of such assets in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3) rather than their tax basis.
Definition of Profits and Losses. For purposes of this Agreement “Profits” and “Losses” (or “profits” and “losses”) shall mean the taxable income and loss of the Company as determined in accordance with the accounting methods followed by the Company for Federal income tax purposes, but (i) including any income of the Company that is exempt from Federal income tax and not otherwise taken into account in computing Profits or Losses, (ii) if Company property is revalued pursuant to Income Tax Regulation §1.704-1(b)(2)(iv)(f) or (g), adjusted for items of depreciation, amortization and gain or loss as computed for tax purposes, so as to take account of the variation between the adjusted tax basis and book value of such property in the same manner as under Section 704(c) of the Code, and (iii) including as deductible items any expenditures of the Company not deductible in computing taxable income or loss, not properly capitalized, and not otherwise taken into account in computing Profits and Losses pursuant to this definition.
Definition of Profits and Losses. The term “profits” means income or gain of any kind actually received or deemed to be received by the Partnership according to the accounting method adopted by the General Partner. The term “losses” means any deduction, expenditure, or charge actually incurred or deemed to be incurred by the Partnership according to its method of accounting. Profits and losses shall be determined as of the close of the Partnership fiscal year in accordance with Section 703(a) of the Internal Revenue Code (the “Code”) (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. 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 "net profits" and "net losses" as used in these Articles shall mean the net profits and net losses of the Partnership as determined for federal income tax purposes and to the extent possible in accordance with generally accepted accounting principles for each accounting period provided for in these Articles.
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.
