Distribution of Property. Where an interest in any one or more of the Partnership Properties is distributed to a Partner any income or loss realized or deemed to be realized as a result of such distribution by the Partnership for purposes of the Income Tax Act shall be allocated to such Partner to whom such distribution is made, subject to any agreement between the Managing Partner on behalf of the Partnership and the specific Partner to whom such allocation is to be made.
Appears in 4 contracts
Samples: Partnership Agreement (Johnstone Tank Trucking Ltd.), Partnership Agreement (Johnstone Tank Trucking Ltd.), Partnership Agreement (Johnstone Tank Trucking Ltd.)