Common use of Definition of Profits and Losses Clause in Contracts

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" ” mean the annual income and loss, respectively, of the Partnership for a fiscal year (or portion thereof) as determined by the Partnership's ’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.