Gain or Loss. A taxable Unit holder will recognize a gain or loss on the sale of such Unit holder’s Units in an amount equal to the difference between (i) the amount realized by such Unit holder on the sale and (ii) such Unit holder’s adjusted tax basis in the Units sold. The amount realized by a Unit holder will include the Unit holder’s share of the Company’s liabilities, if any (as determined under Code section 752 and the regulations thereunder). If the Unit holder reports a loss on the sale, such loss generally could not be currently deducted by such Unit holder except against such Unit holder’s capital gains from other investments. In addition, such loss would be treated as a passive activity loss. (See “Suspended Passive Activity Losses” below.) The adjusted tax basis in the Units of a Unit holder will depend upon individual circumstances. (See also “Company Allocations in Year of Sale” below.) Each Unit holder who plans to tender hereunder should consult with the Unit holder’s own tax advisor as to the Unit holder’s adjusted tax basis in the Unit holder’s Units and the resulting tax consequences of a sale. If any portion of the amount realized by a Unit holder is attributable to such Unit holder’s share of “unrealized receivables” or “substantially appreciated inventory items” as defined in Code section 751, a corresponding portion of such Unit holder’s gain or loss will be treated as ordinary gain or loss. It is possible that the basis allocation rules of Code Section 751 may result in a Unit holder’s recognizing ordinary income with respect to the portion of the Unit holder’s amount realized on the sale of a Unit that is attributable to such items while recognizing a capital loss with respect to the remainder of the Unit. A tax-exempt Unit holder (other than an organization described in Code Section 501(c)(7) (social club), 501(c)(9) (voluntary employee benefit association), 501(c)(17) (supplementary unemployment benefit trust), or 501(c)(20) (qualified group legal services plan)) should not be required to recognize unrelated trade or business income upon the sale of its Units pursuant to the Offer, assuming that such Unit holder does not hold its Units as a “dealer” and has not acquired such Units with debt financed proceeds.
Gain or Loss. Taxable Gain Or Loss" shall mean profit or loss recognized by Palace on the sale, exchange or other disposition of any LLC property, as computed for federal income tax purposes.
Gain or Loss an Disposition shall mean the taxable gain or loss arising, for Federal income tax purposes, from the sale, exchange or other taxable disposition of all or a material portion off the Transmission Line as adjusted pursuant to Section 7.1.
Gain or Loss. A taxable Unit holder will recognize a gain or loss on the sale of such Unit holder's Units in an amount equal to the difference between (i) the amount realized by such Unit holder on the sale and (ii) such Unit holder's adjusted tax basis in the Units sold. The amount realized by a Unit holder will include the Unit holder's share of the Partnership's liabilities, if any (as determined under Code section 752 and the regulations thereunder). If the Unit holder reports a loss on the sale, such loss generally could not be currently deducted by such Unit holder except against such Unit holder's capital gains from other investments. In addition, such loss would be treated as a passive activity loss. (See "Suspended Passive Activity Losses" below.) The adjusted tax basis in the Units of a Unit holder will depend upon individual circumstances. (See also "Partnership Allocations in Year of Sale"
Gain or Loss. Any gain or loss on the disposition of any assets of the Company in the process of liquidation will be credited or charged to the Members in proportion to their Transferable Interests; provided, however, that gain or loss with respect to property contributed to the Company by a Member will be shared among the Members so as to take into account any variation between the basis of the property so contributed and its fair market value at the time of Contribution, in accordance with any applicable Treasury regulations. Any property distributed in kind in the liquidation will be valued and treated as though it were sold and the cash proceeds distributed. The difference between the value of property distributed in kind and its book value will be treated as a gain or loss on the sale of property, and will be credited or charged to the Members accordingly.
Gain or Loss. Except to the extent required by the Regulatory Allocations but after taking the Regulatory Allocations into account, for tax and accounting purposes (but not distributions), gain realized from a sale of Company property or which would have been realized from a sale at fair value of assets distributed in kind, upon or during liquidation and termination of the Company, shall be allocated as provided in Section 4.2(a).
Gain or Loss. The income and gain, or loss, as the case may be, of the Partnership for federal income tax purposes arising from a sale or other disposition of all or any portion of the Project. If the value at which an asset is carried on the books of the Partnership pursuant to the
Gain or Loss. Any gain or loss on the disposition of Partnership properties in the process of liquidation shall be credited or charged to the Partners in accordance with Article VI; provided, however, that gain or loss with respect to property contributed to the Partnership by a Partner shall be shared among the Partners so as to take account of any variation between the basis of the property so contributed and its fair market value at the time of contribution, in accordance with any applicable Treasury regulations. Any property distributed in kind in the liquidation shall be valued by the General Partner in its reasonable discretion and treated as though it were sold and the cash proceeds in an amount equal to the fair market value of said property distributed. The difference between the fair market value of property distributed in kind and its book value shall be treated as a gain or loss on the sale of property, and shall be credited or charged to the Partners accordingly.
Gain or Loss. Any gain or loss on the disposition of Company properties in the process of liquidation shall be credited or charged to the Members in accordance with the provisions of Article 7 of this Operating Agreement; provided, however, that gain or loss with respect to property contributed to the Company by a Member shall be shared
Gain or Loss
