General Elections. For both income tax return and capital account purposes, the Tax Partnership shall elect:
a) to deduct when incurred intangible drilling and development costs (“IDC”).
b) for calculating depreciation, to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation, or the units of production method, as determined by the TRP.
c) the accrual method of accounting.
d) to report income on a calendar year basis. and the Tax Partnership shall also make any elections as specially noted in Section 9.2, below.
General Elections. For both income tax return and capital account purposes, the Partnership shall elect:
a) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation and other cost recovery;
b) the accrual method of accounting;
c) to report income on a calendar year basis;
d) and the Partnership shall also make any elections as specially noted in Section 9.2 below.
General Elections. 4 4.2 DEPLETION .......................................................................................4 4.3 ELECTION OUT UNDER CODE ss761(a) ................................................................4 4.4 CONSENT REQUIREMENTS FOR SUBSEQUENT TAX OR FMV CAPITAL ACCOUNT ELECTIONS.........................4 5. CAPITAL CONTRIBUTIONS AND FMV CAPITAL ACCOUNTS ......................................................5 5.1
General Elections. For both income tax return and capital account purposes, the Company shall elect: (a) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation purposes, (b) the accrual method of accounting, (c) to treat all organizational costs of the Company as deferred expenses amortizable over a sixty (60) month period pursuant to Section 709(b) of the Code and comparable provisions of state law, (d) to amortize start-up expenditures over a sixty (60) month period pursuant to Section 195(d) of the Code and comparable provisions of state law, and (e) to report income on a calendar year basis.
General Elections. If the general elections are held for State Assembly / Parliament and Government declares a public holiday for exercising the franchise, the contractor shall give their workmen half day leave in "First" shift only. The contractor's workmen working in “Second” and “Night” shifts will be required to exercise their franchise during their own time.
General Elections. References to Clauses, Schedules, or Paragraphs shall be references to the clauses, schedules or paragraphs of the Client Clearing Standard Terms. References to Clauses shall be references to the clauses in the Collateral Addendum (as set out in Appendix 3 of the Client Clearing Standard Terms).
General Elections. For both income tax return and capital account purposes, the Partnership shall elect:
(a) to deduct currently intangible drilling and development costs ("IDC");
(b) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation;
(c) to use the accrual method of accounting;
(d) to report income on a calendar year basis; if checked below: [_](e) to account for dispositions of depreciable assets under the general asset method to the extent permitted by Code ss. I68(I)(4); [X](f) under Code ss.754 to adjust the basis of partnership property, with the adjustments provided in Code ss.734 for a distribution of property and in Code ss.743 for a transfer of a partnership interest. In the case of a distribution of property the TMP shall adjust all tax basis capital accounts. In the case of a transfer of a partnership interest the acquiring party(ies) shall establish and maintain its (their) tax basis capital accounts(s). The acquiring Party(ies) shall pay all costs incurred by the Partnership in connection with the transfer including, without limitation, reasonable attorney's and accountant's fees. Furthermore, the acquiring Party(ies) shall indemnify and hold harmless the Partnership in connection with the acquiring Party(ies) partnership basis, including the reasonable cost of legal and accounting services and any penalty or interest assessed by the Internal Revenue Service. Any Party who enters into a transfer of a Partnership interest with respect to which a Section 754 election is made shall provide the TMP, within thirty (30) days after the transfer, with all necessary information for filing the Partnership Federal Income Tax return.
General Elections. Employees will be excused, without pay, to vote in a general election not exceeding two (2) hours provided the employees are scheduled to work more than four (4) hours during the hours the polls are open.
General Elections. 21 6.3.2 Other Elections or Consents . . . . . . . . . . . . 21 6.4 Capital Contributions and FMV Capital Accounts . . . . . . . 22 6.4.1 Capital Contributions . . . . . . . . . . . . . . . 22 6.4.2 FMV Capital Accounts . . . . . . . . . . . . . . . 22 6.5
