Common use of Federal Tax Elections Clause in Contracts

Federal Tax Elections. The Partnership, in the sole discretion of the General Partner, may make elections for federal tax purposes as follows: (i) In case of a transfer of a Unit, the Partnership, in the sole discretion of the General Partner, may timely elect pursuant to Section 754 of the Code (or corresponding provisions of future law) and pursuant to similar provisions of applicable state or local income tax laws, to adjust the basis of the assets of the Partnership. (ii) The General Partner may elect accelerated depreciation methods under the Code, or may elect straight-line depreciation over a period as long as forty (40) years if, in its sole discretion, the determination of the percentage of tax-exempt Investors becomes too cumbersome. (iii) All other elections required or permitted to be made by the Partnership under the Code shall be made by the General Partner in such manner as will, in its sole opinion, be most advantageous to a Majority of the Investors. The Partnership shall, to the extent permitted by applicable law and regulations, elect to treat as an expense for federal income tax purposes all amounts incurred by it for real estate taxes, interest and other charges which may, in accordance with applicable law and regulations, be considered as expenses.

Federal Tax Elections. The Partnership, in the sole discretion of the General Partner, may make elections for federal tax purposes as follows: (i) In case of a transfer of a Unit, the Partnership, in the sole discretion of the General Partner, may timely elect pursuant to Section 754 of the Code (or corresponding provisions of future law) and pursuant to similar provisions of applicable state or local income tax laws, to adjust the basis of the assets of the Partnership. (ii) The General Partner may elect accelerated depreciation methods under the Code, or may elect straight-line depreciation over a period as as,long as forty (40) years if, in its sole discretion, the determination of the percentage of tax-exempt Investors becomes too cumbersome. (iii) All other elections required or permitted to be made by the Partnership under the Code shall be made by the General Partner in such manner as will, in 'm its sole opinion, be most advantageous to a Majority of the Investors. The Partnership shall, to the extent permitted by applicable law and regulations, elect to treat as an expense for federal income tax purposes all amounts incurred by it for real estate taxes, interest and other charges which may, in accordance with applicable law and regulations, be considered as expenses.

Federal Tax Elections. The PartnershipFund, in the sole discretion of the General PartnerPartners, may make elections for federal tax purposes as follows: (i) In case of a transfer of a Unit, the PartnershipFund, in the sole discretion of the General PartnerPartners, may timely elect pursuant to Section 754 of the Code (or corresponding provisions of future law) and pursuant to similar provisions of applicable state or local income tax laws, to adjust the basis of the assets of the PartnershipFund. (ii) The General Partner Partners may elect accelerated depreciation methods under the Code, or may elect straight-line depreciation over a period as long as forty (40) 40 years if, in its their sole discretion, the determination of the percentage of tax-exempt Investors becomes too cumbersome. (iii) All other elections required or permitted to be made by the Partnership Fund under the Code shall be made by the General Partner Partners in such manner as will, in its their sole opinion, be most advantageous to a Majority of the Investors. The Partnership Fund shall, to the extent permitted by applicable law and regulations, elect to treat as an expense for federal income tax purposes all amounts amount's. incurred by it for real estate taxes, interest and other charges which may, in accordance with applicable law and regulations, be considered as expenses.