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.
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Samples: Tax Partnership Agreement (Rex Energy Corp), Area Four Tax Partnership Agreement (Rex Energy Corp), Tax Partnership Agreement (Rex Energy Corp)
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 Sec. 9.2, below.
Appears in 2 contracts
Samples: Exploration Participation Agreement (Ridgewood Energy P Fund LLC), Exploration Participation Agreement (Ridgewood Energy U Fund LLC)
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 ; and
e) the Tax Partnership shall also make any elections as specially noted in Section Sec. 9.2, below.
Appears in 1 contract
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 9.2Sec. 0, below.
Appears in 1 contract
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.
Appears in 1 contract
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 9.2Sec.9.2, below.
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