Common use of Distributive Shares Clause in Contracts

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners of each item of Partnership taxable income, gain, loss, deduction or credit for any tax year will be in the same proportions as their respective shares of the net income or net loss of the Partnership allocated to them pursuant to the terms of this Agreement. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for herein, gain recognized by the Partnership which represents ordinary income by reason of recapture of depreciation or cost recovery deductions for Federal income tax purposes will be allocated to the Partner (or the Partner’s successor-in-interest) to whom such depreciation or cost recovery deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners of each item of Partnership taxable income, gain, loss, deduction or credit for any tax year will be in the same proportions as their respective shares of the net income or net loss of the Partnership allocated to them pursuant to the terms of this Agreement. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for herein, gain recognized by the Partnership which represents ordinary income by reason of recapture of depreciation or cost recovery deductions for Federal income tax purposes will be allocated to the Partner (or the Partner’s 's successor-in-interest) to whom such depreciation or cost recovery deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners Members of each item of Partnership Company taxable income, gaingains, losslosses, deduction deductions or credit credits for any tax year will Fiscal Year shall be in the same proportions as their respective shares of the net income or net loss of the Partnership Company allocated to them pursuant to the terms of this AgreementSection 6.1 hereof. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for hereinin Section 6.1, gain recognized by the Partnership Company which represents ordinary income by reason of recapture of depreciation or depreciation, cost recovery or depletion deductions for Federal income tax purposes will shall be allocated to the Partner Member (or the Partner’s successor-in-Member's successor in interest) to whom such depreciation or depreciation, cost recovery or depletion deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners of each item of Partnership taxable income, gaingains, losslosses, deduction deductions or credit credits for any tax year will Fiscal Year shall be in the same proportions as their respective shares of the net income or net loss of the Partnership allocated to them pursuant to the terms of this AgreementSection 6.1 hereof. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for hereinin Sections 6.1(a) and 6.1(b) hereof, gain recognized by the Partnership which represents ordinary income by reason of recapture of depreciation or depreciation, cost recovery or depletion deductions for Federal income tax purposes will shall be allocated to the Partner (or the Partner’s successor-in-interest) to whom such depreciation or depreciation, cost recovery or depletion deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners of each item of Partnership taxable income, gaingains, losslosses, deduction deductions or credit credits for any tax year Fiscal Year will be in the same proportions as their respective shares of the net income or net loss of the Partnership allocated to them pursuant to the terms of this Agreement. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for herein, gain recognized by the Partnership which represents ordinary income by reason of recapture of depreciation or cost recovery deductions for Federal income tax purposes will be allocated to the Partner (or the Partner’s 's successor-in-interest) to whom such depreciation or cost recovery deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners Members of each item of Partnership Company taxable income, gaingains, losslosses, deduction deductions or credit credits for any tax year will Fiscal Year shall be in the same proportions as their respective shares of the net income or net loss of the Partnership Company allocated to them pursuant to the terms of this AgreementSection 6.1 hereof. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for hereinin Section 6.1, gain recognized by the Partnership Company which represents ordinary income by reason of recapture of depreciation or depreciation, cost recovery or depletion deductions for Federal income tax purposes will shall be allocated to the Partner Member (or the PartnerMember’s successor-in-successor in interest) to whom such depreciation or depreciation, cost recovery or depletion deduction to which such recapture relates was allocated.

Distributive Shares. For purposes of Subchapter K of the Internal Revenue Code, the distributive shares of the Partners Members of each item of Partnership Company taxable income, gaingains, losslosses, deduction deductions or credit credits for any tax year will Fiscal Year shall be in the same proportions as their respective shares of the net income or net loss of the Partnership Company allocated to them pursuant to the terms of this Agreement. Section 6.1 hereof Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for hereinin Section 6.1, gain recognized by the Partnership Company which represents ordinary income by reason of recapture of depreciation or depreciation, cost recovery or depletion deductions for Federal income tax purposes will shall be allocated to the Partner Member (or the PartnerMember’s successor-in-successor in interest) to whom such depreciation or depreciation, cost recovery or depletion deduction to which such recapture relates was allocated.