Depreciation Recapture. Notwithstanding the foregoing, if the taxable gain to be allocated pursuant to Section 8.2 or 8.3 above includes income treated as ordinary income for federal income tax purposes because it is attributable to the recapture of depreciation, such gain so treated as ordinary income shall be allocated to and reported by the Partners in proportion to their accumulated depreciation allocations, and the Partnership shall keep records of such allocations.
Appears in 4 contracts
Samples: Partnership Agreement (Whitehall LTD Inc), Limited Partnership Agreement (Whitehall LTD Inc), Limited Partnership Agreement (Whitehall LTD Inc)