Income Tax Elections. In the event of a Transfer of all or part of a Member’s Interest (or of the interest of a partner in a partnership which is a Member) because of death or sale, the Company shall, if requested by the transferee, make the election described in Section 754 of the Code.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (CNL Healthcare Properties, Inc.), Limited Liability Company Agreement (CNL Healthcare Properties, Inc.), Limited Liability Company Agreement (CNL Healthcare Properties, Inc.)
Income Tax Elections. In the event of a Transfer of all or part of a Member’s Partnership Interest (or of the interest of a partner or member in a partnership or limited liability company which is a MemberPartner) because of death or salewhile this Agreement is in effect, the transferring Partner may (but shall not be obligated to) require the Company shall, if requested by the transferee, to make the election described in Section 754 of the Code.
Appears in 4 contracts
Samples: Limited Partnership Agreement, Limited Liability Limited Partnership Agreement, Limited Liability Limited Partnership Agreement (Strategic Hotel Capital Inc)
Income Tax Elections. In the event of a Transfer (or deemed Transfer), of all or part of a Member’s Partnership Interest (or of the interest of a partner or member in a partnership or limited liability company which is a Member) because of death or salePartner), the Company shall, if requested by the transferee, General Partner shall make the election described in Section 754 of the Code.
Appears in 2 contracts
Samples: Limited Partnership Agreement (CNL Income Mesa Del Sol, LLC), Limited Liability Limited Partnership Agreement (CNL Income Properties Inc)
Income Tax Elections. In the event of a Transfer of all or part of a Member’s Membership Interest (or of the interest of a partner or member in a partnership which or limited liability company that is a Member) because of death or sale), the Company shall, if requested by the transferee, Managing Member may (but shall not be obligated to) make the election described in Section 754 of the Code.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Maui Land & Pineapple Co Inc)
Income Tax Elections. In the event of a Transfer of all or part of a Member’s Interest (or of the interest of a partner in a partnership which is a Member) because of death or sale, the Company shallwill, if requested by the transferee, make the election described in Section 754 of the Code.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Summit Healthcare REIT, Inc)
Income Tax Elections. In the event of a Transfer of all or part of a Member’s Membership Interest (or of the interest of a partner or a member in a partnership or a limited liability company which is a Member or is a partner or member in a Member) because of death or sale, the Company shall, if requested by the transferee, shall make the election described in Section 754 of the CodeCode if such election has not been previously made by the Company.
Appears in 1 contract
Income Tax Elections. In the event of a Transfer of all or part of a Member’s Partnership Interest (or of the interest of a partner or member in a partnership or limited liability company which is a Member) because of death or salePartner), the Company shall, if requested by the transferee, General Partner may (but shall not be obligated to) make the election described in Section 754 of the Code.
Appears in 1 contract
Samples: Partnership Interest Purchase Agreement (CNL Income Properties Inc)
