Federal Tax Elections and Allocations Sample Clauses

Federal Tax Elections and Allocations. Without changing the effect of SECTION 4.1, the relationship of the Participants shall constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended. Tax elections and allocations shall be made as set forth in EXHIBIT C.

Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. Tax elections and allocations shall be made as set forth in Exhibit C.

Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment.

Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. The Company shall make the following elections for purposes of all partnership income tax returns: (i) to use the accrual method of accounting; (ii) pursuant to the provisions of section 706(b)(1) of the Code, to use as its taxable year the year ending December 31, and in connection therewith, Strathmore represents that its taxable year is the year ending December 31 and Yellowcake represents that its taxable year is the year ending July 31; (iii) unless the Members unanimously agree otherwise, to deduct currently all development expenses to the extent possible under section 616 of the Code; (iv) unless the Members unanimously agree otherwise, to compute the allowance for depreciation in respect of all depreciable Assets using the maximum accelerated tax depreciation method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation; (v) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by law; (vi) to adjust the basis of property of the Company under section 754 of the Code at the request of either Member; (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under sections 195 and 709 of the Code; (viii) any other election required or permitted to be made by the Company under the Code or any state tax law shall be made as determined by the Management Committee; and (ix) each Member shall elect under section 617(a) of the Code to deduct currently all exploration expenses. Each Member reserves the right to capitalize its share of development and/or exploration expenses of the Company in accordance with section 59(e) of the Code, provided that a Member’s election to capitalize all or any portion of such expenses shall not affect the Member’s Capital Account.

Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. In addition, the Company shall make the following elections for purposes of all partnership income tax returns: (i) to use the accrual method of accounting; (ii) pursuant to the provisions at Section 706(b)(1) of the Code, to use as its taxable year the year ending December 31, and in connection therewith, STRATHMORE represents that its taxable year is the year ending December 31, SCC represents that its taxable year is the year ending December 31, and XXXX represents that its taxable year is the year ending December 31; (iii) unless the Members unanimously agree otherwise, to deduct currently all development expenses to the extent possible under Section 616 of the Code; (iv) unless the Members unanimously agree otherwise, to compute the allowance for depreciation in respect of all depreciable Assets using the maximum accelerated tax depreciation method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation; (v) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by Law; (vi) to adjust the basis of property of the Company under Section 754 of the Code at the request of any Member; (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under Sections 195 and 709 of the Code; (viii) unless the Members unanimously agree otherwise, to deduct currently to the extent possible reclamation expenses and closing costs under Section 468 of the Code; (ix) unless the Members unanimously agree otherwise, to deduct currently to the extent possible environmental remediation expenses, if applicable, under Section 198 of the Code; and (x) to not have Section 6231(a)(1)(B)(i) of the Code apply.

Federal Tax Elections and Allocations. The Parties agree that their relationship pursuant to this Earn - in Agreement shall not constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended.

Federal Tax Elections and Allocations. The Participants elect not to constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended.

Federal Tax Elections and Allocations. Without changing the effect of Section 4.2, the Company shall be treated as a partnership for federal income tax purposes and no Member shall take any action to alter such treatment. Tax elections and allocations shall be made as set forth in Exhibit E.

Federal Tax Elections and Allocations. Without changing the effect of Section 4.1, the Parties agree that their relationship pursuant to this Earn-in Agreement shall constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended. Tax elections and allocations shall be made as set forth in Exhibit B to this Earn-in Agreement, which is attached hereto and made a part hereof. The tax partnership shall not survive the Term of this Earn-in Agreement and shall continue only if unanimously agreed by the Parties to the Operating Agreement.

Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. (a) In addition, the Company shall make the following elections for purposes of all partnership income tax returns. (i) To use the accrual method of accounting. (ii) Pursuant to the provisions at Section 706(b)(1) of the Code, to use as its taxable year the year ending July 31, or such other taxable year as required by applicable laws. In this connection, HRI represents that its taxable year as of the date hereof is the year ending July 31 and ITOCHU represents that its taxable year as of the date hereof is the year ending December 31. (iii) To deduct currently all development expenses to the extent possible under Section 616 of the Code. (iv) Unless the Members unanimously agree otherwise, to compute the allowance for depreciation in respect of all depreciable Assets using the maximum accelerated tax depreciation method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation. (v) To treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by law. (vi) To adjust the basis of property of the Company under Section 754 of the Code at the request of either Member; (vii) To amortize over the shortest permissible period all organizational expenditures and business start-up expenses under Sections 195 and 709 of the Code; (b) Each Member shall elect under Section 617(a) of the Code to deduct currently all exploration expenses. (c) Each Member reserves the right to capitalize its share of development and/or exploration expenses of the Company in accordance with Section 59(e) of the Code, provided that a Member’s election to capitalize all or any portion of such expenses shall not affect the Member’s Capital Account.