Common use of Income Accounts Clause in Contracts

Income Accounts. An individual income account shall be maintained for each Partner. At the close of each Partnership taxable year, or at more frequent intervals, each Partner's share of the net profits or net losses of the Partnership shall be credited or debited to, and that Partner's distributions received during each fiscal year shall be deducted from, that Partner's income account and any resulting balance or deficit shall be transferred to or charged against that Partner's capital account.

Income Accounts. An individual income account shall will be maintained for each Partner. At the close of each Partnership taxable year, or at more frequent intervalsFiscal Year, each Partner's ’s share of the net profits or net losses of the Partnership shall Partnership’s income, gain, loss, deductions and credits will be credited or debited to, and that Partner's distributions ’s Distributions received during each fiscal year shall Fiscal Year will be deducted from, that Partner's ’s income account account, and any resulting balance or deficit shall be transferred to or charged against that Partner's capital account’s Capital Account.