Determination of Net Profits and Net Losses. The Net Profits and Net Losses of the Company shall be determined in accordance with the accounting methods followed for federal income tax purposes and otherwise in accordance with sound accounting principles and procedures applied in a consistent manner. An accounting shall be made for each fiscal year by the accountants employed by the Company as soon as possible after the close of each such fiscal year to determine the Members’ respective shares of Net Profits or Net Losses of the Company, which shall be credited or debited, as the case may be, to the Members’ respective Capital Accounts.
Determination of Net Profits and Net Losses. Net Profits" or "Net Losses" of the Fund will be determined on the accrual basis of accounting using generally accepted accounting principles as a guideline.
Determination of Net Profits and Net Losses. For purposes of computing the amount of any items of income, gain, loss or expense to be reflected in the Capital Accounts (the net thereof hereinafter referred to as “Net Profits” or “Net Losses”), the determination, recognition and classification thereof shall be the same as their determination, recognition and classification for federal income tax purposes, with the following modifications:
Determination of Net Profits and Net Losses. Net Profits" or "Net Losses" of the Partnership shall mean the net operating profits or net operating losses, as the case may be, for a Fiscal Period determined on the accrual basis of accounting in accordance with generally accepted accounting principles consistently applied and further in accordance with the following:
Determination of Net Profits and Net Losses. The net profit or net loss of the Partnership shall equal the combined Lot Level Profit (as defined below) of each of the parking facilities leased, managed or operated by
Determination of Net Profits and Net Losses. For purposes of determining Net Profits and Net Losses under the Agreement, the following rules shall apply:
(a) Any deductions for depreciation, cost recovery or amortization attributable to any assets of the Company shall be determined by reference to their Gross Asset Value, except that if the Gross Asset Value of an asset differs from its adjusted tax basis for federal income tax purposes at any time during such year or other period, the deductions for depreciation, cost recovery, or amortization attributable to such asset from and after the date during such year or period in which such difference first occurs shall bear the same ratio to the Gross Asset Value as of such date as the federal income depreciation, amortization or other cost recovery deduction for such year or other period from and after such date bears to the adjusted tax basis as of such date;
(b) Any gain or loss attributable to the taxable disposition of any property shall be determined by the Company as if the adjusted tax basis of such property as of such date of disposition was such Gross Asset Value reduced by all amortization, depreciation and cost recovery deductions which are attributable to said property;
(c) The computation of all items of income, gain, loss and deduction shall be made without regard to any basis adjustment, under Section 743 of the Code, which may be made by the Company;
(d) Any receipts of the Company that are exempt from federal income tax and are not otherwise included in taxable income or loss shall be added to such taxable income or loss;
(e) Any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as expenditures described in Section 705(a)(2)(B) of the Code pursuant to Treasury Regulations Section 1.704-1(b) shall be subtracted from such taxable income or loss; and
(f) Any and all items of gross income or gain, Nonrecourse Deductions and/or Member Nonrecourse Deductions specially allocated to a Member pursuant to Section 4 below shall not be taken into account in computing such Net Profits or Net Losses.
Determination of Net Profits and Net Losses. Net Profits" or "Net Losses" of the Partnership for a Fiscal Period shall be determined on the accrual basis of accounting in accordance with generally accepted accounting principles consistently applied and further in accordance with the following:
Determination of Net Profits and Net Losses. Net Profits'' or "Net Losses" of the Partnership for a Fiscal Period shall be determined by the General Partner on the accrual basis of accounting using generally accepted accounting principles as a guideline, unless otherwise deemed appropriate by the General Partner in its sole discretion, and further in accordance with the following:
a) Net Profits and Net Losses shall include realized and unrealized profits and losses with respect to all securities positions. In computing such realized and unrealized profits and losses, profit and loss shall mean for each position held in a security during any Fiscal Period, the realized or unrealized appreciation or realized or unrealized depreciation, as the case may be, with respect to such position, determined by comparing the net proceeds from the closing of such position or the market value of such position at the end of such Fiscal Period with (i) the cost of such position, if established during such Fiscal Period, or (ii), if such position were established during a prior Fiscal Period, the market value of such position at the end of the last preceding Fiscal Period.
b) The market value of positions in securities shall be as follows: securities that are listed on a stock exchange and are freely transferable shall be valued at their last sales price on the date of determination on the stock exchange which is the principal exchange for such securities, or, if no sales occurred on such day, at the "bid" price on such exchange at the close of business on such day if held long and at the "asked" price at the close of business on such day if sold short. Securities traded over the counter which are freely transferable shall be valued at the last sales price on the date of determination, or, if no sales occurred on such day, at the "bid" price at the close of business on such day if held long and at the "asked" price at the close of business on such day if sold short. Notwithstanding the foregoing, if in the reasonable judgment of the General Partner, at its sole discretion, the listed price for any security held by the Partnership does not accurately reflect the value of such security, the General Partner may value such security at the best available market bid price which is less than the quoted market price for such security or, in the case of a short position, at the best available market offering price greater than the quoted market price. All other assets and liabilities of the Partnership shall be valued in the m...
Determination of Net Profits and Net Losses. All items of income, gain, loss, deduction, and credit shall be determined for each fiscal year in accordance with federal income tax accounting principles and allocated, in accordance with this Article 6, among the Members at the end of each taxable year in accordance with each Member’s Percentage Interests.
Determination of Net Profits and Net Losses. “Net Profits” and “Net Losses” of the Company shall mean the taxable income and loss of the Company, as adjusted in accordance with Treasury Regulations Section 1.704-1(b) for purposes of maintaining Capital Accounts.
