Determination of Profit and Loss. The profit and loss 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 taxable year by the accountants employed by the Company as soon as possible after the close of each such taxable year to determine the profit or loss of the Company, which shall be credited or debited, as the case may be, to the Member.
Determination of Profit and Loss. Profit or loss shall be determined on an annual basis and for such other periods as may be required.
Determination of Profit and Loss. The partnership's net profit or net -------------------------------- loss for each fiscal year shall be determined as soon as practicable after the close of that fiscal year in accordance with the accounting principles employed in the preparation of the federal income tax return filed by the partnership for that year, but without any special provisions for tax exempt or partially tax exempt income.
Determination of Profit and Loss. The Company's Profits and Losses for each Allocation Period will be determined as of the end of that Allocation Period by the Company's accountants in accordance with federal income tax accounting principles, consistently applied, utilizing that method of accounting employed in the federal income tax informational return filed by the Company for that Allocation Period.
Determination of Profit and Loss. At the end of each fiscal year of the Partnership or at the end of such intervening accounting period as the General Partner may select, all Partnership revenues, proceeds, costs and expenses shall be determined and allocated to the Partnership interest of each Partner for the accounting period then ending in accordance with the provisions of this Article.
Determination of Profit and Loss. The profit and loss of the Partnership 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 taxable year by the accountants employed by the Partnership as soon as possible after the close of each such taxable year to determine the profit or loss of the Partnership, which shall be credited or debited, as the case may be, 100% to the Limited Partner.
Determination of Profit and Loss. (a) Fiscal Year. The Company's taxable year shall be December 31, ----------- unless a different year is required under applicable federal income tax laws or is permitted and is selected by the Managing Members.
Determination of Profit and Loss. All items of Partnership income, expense, gain, loss, deduction and credit shall be determined with respect to, and allocated in accordance with, this Agreement for each Partner for each Partnership fiscal year. As soon as is reasonably practicable after the end of each Partnership fiscal year, the General Partner shall cause to be prepared and furnished to each Limited Partner, at Partnership expense, a balance sheet of the Partnership (dated as of the end of the fiscal year then ended), and a related statement of income and loss for the Partnership (for the same year). Section 7.4. [Tax Returns and Information. The Partners intend for the Partnership to be treated as a partnership for state law and state taxation purposes but taxed as a corporation for federal income tax purposes. The General Partner shall prepare or cause to be prepared all federal, state and local income and other tax returns which the Partnership is required to file in accordance with the above intent of the Partners.] Section 7.5.
Determination of Profit and Loss. The profit and loss of the Company shall be determined in accordance with GAAP. An accounting shall be made for each Fiscal Year by the external accountants employed by FSFG as soon as possible after the close of each such Fiscal Year to determine the profit or loss of the Company, which shall be credited or debited, as the case may be, to the Members.
Determination of Profit and Loss. All items of Partnership income, expense, gain, loss, deduction and credit shall be determined with respect to, and allocated in accordance with this Agreement for, each Partner for each Partnership fiscal year. Within one hundred twenty (120) days after the end of each Partnership fiscal year, the General Partner shall cause to be prepared, at Partnership expense, financial statements of the Partnership for the preceding fiscal year, including, without limitation, a balance sheet, profit and loss statement and statement of the balances in the Partners’ Capital Accounts, prepared in accordance with generally accepted accounting principles (except to the extent inconsistent with the provisions of this Agreement) consistently applied with prior periods. These financial statements shall be available for inspection and copying during ordinary business hours at the reasonable request of any Partner. Limited Partnership Agreement of Cowtown Gas Processing Partners L.P. Page 12 of 35
