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.
Appears in 5 contracts
Samples: Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp)
