Common use of Elimination of Book/Tax Disparities Clause in Contracts

Elimination of Book/Tax Disparities. In determining a Member’s allocable share of the Company’s taxable income, the Member’s allocable share of each item of Net Profits and Net Losses shall be properly adjusted to reflect the difference between such Member’s share of the adjusted tax basis and the Book Value of the Company’s assets used in determining such item. With respect to depreciation, in determining the taxable income allocable to such Member, Net Profits and Net Losses allocable to such Member shall be adjusted by eliminating Depreciation allocable to such Member and substituting therefor tax depreciation allocable to such Member determined by reference to such Member’s share of the tax basis of the Company’s assets. This provision is intended to comply with the requirements of section 704(c) of the Code and section 1.704-1(b)(2)(iv)(f) of the Regulations and shall be interpreted and applied consistently therewith.

Elimination of Book/Tax Disparities. In determining a Member’s 's allocable share of the Company’s 's taxable income, the Member’s 's allocable share of each item of Net Profits and Net Losses shall be properly adjusted to reflect the difference between such Member’s 's share of the adjusted tax basis and the Book Value of the Company’s 's assets used in determining such item. With respect to depreciationDepreciation, in determining the taxable income allocable to such Member, Net Profits and Net Losses allocable to such Member shall be adjusted by eliminating Depreciation allocable to such Member and substituting therefor tax depreciation allocable allocatable to such Member determined by reference to such Member’s 's share of the tax basis of the Company’s 's assets. This provision is intended to comply with the requirements of section ss. 704(c) of the Code and section ss. 1.704-1(b)(2)(iv)(f) of the Regulations and shall be interpreted and applied consistently therewith.

Elimination of Book/Tax Disparities. In determining a Member’s 's allocable share of the Company’s 's taxable income, the Member’s 's allocable share of each item of Net Profits and Net Losses shall be properly adjusted to reflect the difference between such Member’s 's share of the adjusted tax basis and the Book Value of the Company’s 's assets used in determining such item. With respect to depreciation, in determining the taxable income allocable to such Member, Net Profits and Net Losses allocable to such Member shall be adjusted by eliminating Depreciation allocable to such Member and substituting therefor tax depreciation allocable to such Member determined by reference to such Member’s 's share of the tax basis of the Company’s 's assets. This provision is intended to comply with the requirements of section 704(c) of the Code and section 1.704-1(b)(2)(iv)(f) of the Regulations and shall be interpreted and applied consistently therewith.

Elimination of Book/Tax Disparities. In determining a Member’s allocable share of the Company’s Company taxable income, the Member’s allocable share of each item of Net Profits and Net Losses shall be properly adjusted to reflect the difference between such Member’s share of the adjusted tax basis and the Book Value of the Company’s Company assets used in determining such item. With Items of depreciation, amortization, and gain or loss with respect to depreciationany contributed property, in determining the taxable income allocable or with respect to such Memberrevalued property where Company property is revalued pursuant to Regulation Section 1.704-1(b)(2)(iv)(f), Net Profits and Net Losses allocable to such Member shall be adjusted by eliminating Depreciation allocable allocated to such Member and substituting therefor tax depreciation allocable to such Member determined by reference to such Member’s share of the tax basis of Members under the Company’s assetsremedial method as provided in Regulation Section 1.704-3(d). This provision Section 4.3(b)(i) is intended to comply with the requirements of section Code Section 704(b) and Section 704(c) of the Code and section 1.704-1(b)(2)(iv)(f) of the Regulations and shall be interpreted and applied consistently therewith.Regulation Sections