INCOME CHARACTERIZATION. For purposes of determining the character (as ordinary income or capital gain) of any Gain on Disposition allocated to the Partners pursuant to Section 3.2, 3.3 or 3.4, such portion of the taxable income of the Partnership allocated pursuant to any such Section which is treated as ordinary income attributable to the recapture of depreciation shall, to the extent possible, be allocated among the Partners in the proportion which (i) the amount of depreciation previously allocated to each Partner bears to (ii) the total of such depreciation allocated to all Partners. This Section 3.5.1 shall not alter the amount of allocations among the Partners pursuant to Sections 3.2, 3.3 and 3.4, but merely the character of income so allocated.
Appears in 6 contracts
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (3100 Glendale Joint Venture)
INCOME CHARACTERIZATION. For purposes of determining the character (as ordinary income or capital gain) of any Gain on Disposition allocated to the Partners pursuant to Section 3.2, 3.3 or 3.4, such portion of the taxable income of the Partnership allocated pursuant to any such Section Sections which is treated as ordinary income attributable to the recapture of depreciation shall, to the extent possible, be allocated among the Partners in the proportion which (i) the amount of depreciation previously allocated to each Partner bears to (ii) the total of such depreciation allocated to all Partners. This Section 3.5.1 shall not alter the amount of allocations among the Partners pursuant to Sections 3.2, Section 3.3 and 3.4, but merely the character of income so allocated.
Appears in 2 contracts
Samples: Partnership Agreement (Mack Cali Realty L P), Limited Partnership Agreement (Mack Cali Realty L P)
INCOME CHARACTERIZATION. For purposes of determining the character (as ordinary income or capital gain) of any Gain on Disposition Profit allocated to the Partners pursuant to Section 3.2, 3.3 or 3.4, such portion of the taxable income of the Partnership allocated pursuant to any such Section 3.3 which is treated as ordinary income attributable to the recapture of depreciation shall, to the extent possible, be allocated among the Partners in the proportion which (i) the amount of depreciation previously allocated to each Partner bears to (ii) the total of such depreciation allocated to all Partners. This Section 3.5.1 3.4.1 shall not alter the amount of allocations among the Partners pursuant to Sections 3.2, 3.3 and 3.4, Section 3.2 but merely the character of income so allocated.
Appears in 1 contract
Samples: Limited Partnership Agreement (Insignia Financial Group Inc)
