Gains on Sales. Net gains from the sale or other disposition of any of the Partnership assets or properties, including without limitation such gains on a sale or other disposition resulting in or followed by a winding up of the Partnership's affairs and a final distribution in accordance with Section 8.2, shall be allocated to the Partners in accordance with their respective ownership Percentages provided, however, that net gain from the sale of Assets contributed to the Partnership by a Partner shall be allocated (for tax purposes only) 100% to such contributing Partner to the extent of the excess of the agreed value of the contributed Assets on the date of its contribution, less the contributing Partner's adjusted tax basis in such Assets on the date of its contribution, and any remaining net gain shall be allocated to the Partners in accordance with their Ownership Percentages.
Appears in 5 contracts
Samples: Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp)
