Determining Net Profits and Net Losses Sample Clauses

Determining Net Profits and Net Losses. For purposes of this Article, the terms net profits and net losses mean the amount of the LLC’s taxable income or loss for any year or period, determined under Code Section 703(a). All items of income, gain, loss, or deduction required to be stated separately under Section 703(a)(1) will be included in taxable income or loss. This determination of net profits and net losses includes the following items: any income of the LLC that is exempt from federal income tax and is not otherwise taken into account in computing taxable income or loss under this Article; any expenditures of the LLC described in Code Section 705(a)(2)(B) relating to nondeductible expenses that are not otherwise taken into account in computing taxable income or loss, and if any LLC asset’s value is adjusted, the amount of the adjustment will be taken into account as gain or loss from the disposition of the asset. Any other items that are specially allocated under this Article will not be taken into account in computing net profits and net losses.
Sample 1
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Related to Determining Net Profits and Net Losses

  • Taxes The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

  • Definition The following definition applies in addition to the definitions in Chapter 287, Florida Statutes (F.S.), and Rule Chapter 60A-1, Florida Administrative Code (F.A.C.):

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Defined Terms As used in this Agreement, the following terms have the meanings specified below:

  • Definitions and Interpretation 1.1 In this Agreement:

  • Relationship of the Parties Nothing contained in this Agreement shall be construed to make one Party an agent of the other Party nor shall either party have any authority to bind the other in any respect, unless expressly authorized by the other party in writing. The Parties are independent contractors and nothing in this Agreement creates a relationship of employment, trust, agency or partnership between them.

  • UTILITIES The Landlord shall provide the following utilities and services to the Tenant: _ _. Any other utilities or services not mentioned will be the responsibility of the Tenant.

  • Books and Records Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be.

  • Purpose The purpose of this Agreement is to identify the terms and conditions of the relationship between TIPS and Vendor. Public entities and qualifying non-profits that properly join or utilize TIPS (“TIPS Members”) may elect to “piggyback” off of TIPS’ procurements and agreements where the laws of their jurisdiction allow. TIPS Members are not contractual parties to this Agreement although terms and conditions of this Agreement may ensure benefits to TIPS Members.

  • Audit Notwithstanding any other audit requirement, H-GAC reserves the right to conduct or cause to be conducted an independent audit of any transaction under this Agreement, such audit may be performed by the H-GAC local government audit staff, a certified public accountant firm, or other auditors designated by H-GAC and will be conducted in accordance with applicable professional standards and practices. The Contractor understands and agrees that the Contractor shall be liable to the H-GAC for any findings that result in monetary obligations to H-GAC.

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