Common use of Determination of Profits and Losses Clause in Contracts

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 each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.

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 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 each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.limited

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 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 each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.the

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 8 9 of deduction or credit subject to recapture were was 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 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 each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.

Determination of Profits and Losses. The profits Partnership presently intends to keep its books on the cash receipts and losses disbursements method of the Partnership shall be determined accounting and to report for each Fiscal Year of the Partnership in accordance with generally accepted accounting principles federal, state and procedures applied in a consistent manner and for federal local income tax purposes, purposes using the same method by additionally making such adjustments as are necessary to include other items of income, expense, deduction and allowance as are permitted and or required under the Code and the regulations promulgated thereunder. The Partnership may report its activities to the Limited Partners in accordance with generally accepted accounting principles. 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 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 any adjustment to the basis of Partnership assets made pursuant to a valid election under Sections 734, 743 and 754 of the Code, 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, allocated to the Partners entitled thereto under such laws. Profits and losses allocated, 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 provided, however, that any such profits and losses attributable to a limited partner interest assigned during such a 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 as of the fifteenth day of each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.

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 or 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 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 any adjustment to the basis of Partnership assets made pursuant to a valid election under Sections 734, 743 and 754 of the Code, 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, 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 provided, however, that any such 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 as of the fifteenth day of each month) that each such holder was recognized as the owner of such limited partner interest during such Fiscal Year, without regard to the results of Partnership operations during the period in which each such holder was recognized as the owner thereof and without regard to 10 the date, amount or recipient of any distributions which may have been made with respect to such limited partner interest.