Common use of Distributive Shares Clause in Contracts

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

Distributive Shares. For purposes of Subchapter K of the Code, the distributive shares of the Partners of each item of Partnership taxable income, gains, losses, deductions or credits for any Fiscal Year shall be in the same proportions as their respective shares of the net income or loss of the Partnership allocated to them pursuant to Section 6.1 hereof. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for in Sections 6.1(a) and 6.1(b6. l(b) hereof, gain recognized by the Partnership which represents ordinary income by reason of recapture of depreciation, cost recovery or depletion deductions for Federal income tax purposes shall be allocated to the Partner to whom such depreciation, cost recovery or depletion deduction to which such recapture relates was allocated.

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