Common use of Distributive Shares Clause in Contracts

Distributive Shares. For purposes of Subchapter K of the Code, the distributive shares of the Members of each item of Company 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 net loss of the Company allocated to them pursuant to Section 5.1. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for in Section 5.1, gain recognized by the Company which represents ordinary income by reason of recapture of depreciation or cost recovery deductions for Federal income tax purposes shall be allocated to the Member (or the Member'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 Code, the distributive shares of the Members of each item of Company 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 net loss of the Company allocated to them pursuant to Section 5.1. Notwithstanding the foregoingforego ing, to the extent not inconsistent with the allocation of gain provided for in Section 5.1, gain recognized by the Company which represents ordinary income by reason of recapture of depreciation or cost recovery deductions for Federal income tax purposes shall be allocated to the Member (or the Member's successor-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 Code, the distributive shares of the Members of each item of Company 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 net loss of the Company allocated to them pursuant to Section 5.17.1. Notwithstanding the foregoing, to the extent not inconsistent with the allocation of gain provided for in Section 5.17.1, gain recognized by the Company which represents ordinary income by reason of recapture of depreciation or depreciation, cost recovery or depletion deductions for Federal income tax purposes shall be allocated in accordance with the provisions of Treas. Reg. Section 1.1245-1 (e) (without regard to the Member (whether real property or the Member's successor-in-interest) to whom such depreciation or cost recovery deduction to which such recapture relates was allocatedpersonal property is involved).