Common use of Determination of Profit and Loss Clause in Contracts

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 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 tax-exempt or partially tax tax-exempt income.