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.
Appears in 3 contracts
Samples: Agreement for the Construction, Ownership, and Operation of Midstream Assets (Epsilon Energy Ltd.), Agreement for the Construction, Ownership, and Operation of Midstream Assets (Epsilon Energy Ltd.), Agreement for the Construction, Ownership, and Operation of Midstream Assets (Epsilon Energy Ltd.)
General Elections. For both income tax return and capital account purposes, the Partnership shall elect:
a) to deduct when incurred intangible drilling and development costs (“IDC”);
b) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation and other cost recoverydepreciation;
bc) the accrual method of accounting;
cd) to report income on a calendar year basis;
d) ; and the Partnership shall also make any elections as specially noted in Section 9.2 Sec. 9.2, below.
Appears in 2 contracts
Samples: Exploration and Development Agreement (ZaZa Energy Corp), Exploration and Development Agreement (ZaZa Energy Corp)
General Elections. For both income tax return and ad capital account purposes, the Partnership shall elect:
a) to deduct when-incurred intangible drilling and development costs ("IDC");
b) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation and other cost recoverydepreciation;
bc) the accrual method of accounting;
cd) to report income on a calendar year basis;
d) ; and the Partnership shall also make any elections as specially noted in Section 9.2 Sec. 9.2, below.
Appears in 1 contract
Samples: Offshore Operating Agreement (Ridgewood Energy Q Fund LLC)
