Determination of Profits and Losses. For purposes of this Agreement, the profit (“Profit”) or loss (“Loss”) of the Company for each Fiscal Year shall be the net income or net loss of the Company, as the case may be, for such Fiscal Year as determined for Federal income tax purposes, but computed with the following adjustments:
(a) without regard to any adjustment to basis pursuant to Section 743 of the Code (except as provided in Section 5.2(g));
(b) by excluding gain or losses with respect to Sales Proceeds;
(c) by taking into account items of deduction attributable to any Property of the Company based upon the Carrying Value of the Property;
(d) by including as an item of gross income any tax-exempt income received by the Company;
(e) by treating as a deductible expense any expenditure of the Company described in Section 705(a)(2)(B) of the Code;
(f) in the event the Carrying Value of a Property is adjusted pursuant to clauses (ii) or (iii) of the definition thereof, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such Property, shall be treated as net gain or net loss referred to in paragraph (b) of this Section 5.2(f) and shall be excluded from the computation of Profit and Loss; and
(g) to the extent an adjustment to the Adjusted Basis of any asset of the Company pursuant to Sections 734(b) or 743(b) of the Code is required by Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Partner’s Partnership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Adjusted Basis of the asset) or loss (if the adjustment decreases the Adjusted Basis of the asset) from the disposition of the asset shall be treated as net gain or net loss referred to in paragraph (b) of this Section 5.2(g) and shall be excluded from the computation of Profits and Losses.
(h) Notwithstanding any other provisions of this definition, any items which are specially allocated pursuant to Section 5.4 hereof shall not be taken into account in computing Profits or Losses.
Determination of Profits and Losses. For purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any such other items shall be determined on a daily, monthly, or other basis, as determined by the Members using any permissible method under Code Section 706 and the Regulations thereunder.
Determination of Profits and Losses. The profits and losses of the Partnership shall be determined for each Fiscal Year of the Partnership in accordance with generally accepted accounting principles and procedures applied in a consistent manner and for federal income tax purposes, by additionally making such adjustments as are necessary to include other items of income, expense, deduction and allowance as are permitted and required under the Code and the regulations promulgated thereunder. Except as otherwise provided herein, whenever a proportionate part of the Partnership profit or loss is credited or charged to a Partner's Capital Account every item of income, gain, loss or deduction entering into the computation of such profit or loss shall be considered either credited or charged, as the case may be, to such Partner's Capital Account and every item of credit or tax preference related to such profit or loss and applicable to the period during which such profit or loss was realized shall be allocated to such Partner in the same proportion. Every recapture of deduction or credit shall be allocated among the Partners in the same proportion as the items of deduction or credit subject to recapture were allocated among the Partners. Any increase or decrease in the amount of any item of income, gain,. loss or deduction attributable to an adjustment to the basis of Partnership assets made pursuant to a valid election under Sections 734, 743 and 754 of the Code, and pursuant to corresponding provisions of applicable state and local income tax laws shall be charged or credited, as the case may be, and any increase or decrease in the amount of any item of credit or tax preference attributable to any such adjustment shall be allocated, to the Partners entitled thereto under such laws. Profits and losses allocated, to a particular class of Partnership Interests shall be allocated among the holders of record of such class of Partnership Interests at the end of each Fiscal Year (or such shorter period as may be provided herein) of the Partnership in proportion to their respective Partnership Interests; provided however, that any such profits and losses attributable to a limited partner interest assigned during such Fiscal Year of the Partnership shall be allocated among the holders of such limited partner interests during such Fiscal Year in proportion to the number of months (for purposes of such allocation ownership of limited partner interests for each month will be determined on the fifteenth day of...
Determination of Profits and Losses. For purposes of this Section 4.3, the income, gains, losses, deductions and credits of the Partnership shall be determined for each Fiscal Year in accordance with the accounting methods followed by the Partnership for federal income tax purposes and the allocations contemplated hereby shall be determined as a percentage (of each item of Partnership income, gain, loss, deduction or credit, as the case may be) obtained by dividing (i) the number of days of such Fiscal Year into (ii) the product obtained by multiplying a Partner's Ownership Percentage by the number of days in such Fiscal Year on which such Partner held such Ownership Percentage.
Determination of Profits and Losses. The profits and losses of the Partnership shall be determined for each Fiscal Year in accordance with the accrual method of accounting within ninety days after the end of such Fiscal Year. The terms “Profits” and “Losses” as used herein include each item of Partnership income, gain, loss, deduction and credit, as the case may be.
Determination of Profits and Losses. The results of operations of the Partnership shall be determined in accordance with generally accepted accounting principles as soon as practicable after the close of each Fiscal Year and as soon as practicable after termination of the Partnership. Profits and Losses shall be reflected in the Partners' Capital Accounts as of the end of such Fiscal Year and upon termination of the Partnership.
Determination of Profits and Losses. Profits and Losses of the Company shall be determined for each Fiscal Year of the Company in accordance with the method of income tax accounting adopted by the Board of Directors for the Company consistently applied and shall be allocated among the Members in the manner provided in this Article IV.
Determination of Profits and Losses. The net profits or 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 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 maybe, to the Members’ respective Capital Accounts. For tax purposes, all items of income, gain, loss, deduction or credit shall be allocated to and among the Members in the same proportion in which they share profits and losses.
Determination of Profits and Losses. The profits and 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.
Determination of Profits and Losses. (a) For Partnership accounting purposes and federal income tax purposes, the Partnership shall use the accrual method of accounting.
(b) As of the close of business on the last day of each Fiscal Period, the Partnership's Net Income and/or Net Loss shall be computed and the Capital Accounts of each Partner shall be adjusted to reflect the allocation provided below.
