Income Taxes and Tax Capital Accounts. (a) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 4.2.
(b) In the event of any variation between the adjusted tax basis and value of any Company property reflected in the Members’ capital accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations.
Income Taxes and Tax Capital Accounts. Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 5.2.
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes.
(b) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 4.2.
(c) Income, gains, losses and deductions with respect to any property (other than cash) contributed or deemed contributed to the capital of the Company shall, solely for income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its value at the time of the contribution or deemed contribution in accordance with Section 704(c) of the Code and the Treasury Regulations. Such allocations shall be made in such manner and utilizing such permissible tax elections as determined by the Board. If there is a revaluation of the property of the Company, subsequent allocations of income, gains, losses or deductions with respect to such property shall be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property to the Company for federal income tax purposes and its value in accordance with Section 704(c) of the Code and the Treasury Regulations. Such allocations shall be made in such manner and utilizing such permissible tax elections as determined by the Board.
(d) Allocations pursuant to this Section 4.4 are solely for federal, state and local tax purposes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or allocable share of income, gain, loss, deduction and credit (or items thereof).
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes.
(b) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 4.2.
(c) In the event of any variation between the adjusted tax basis and value of any Company property reflected in the Members’ capital accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations.
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes.
(b) Except as otherwise provided in Section 4.4(c), each item of taxable income, gain, loss, deduction or credit shall be allocated in the same manner as the corresponding book item is allocated pursuant to Section 4.2.
(c) In the event of any variation between the adjusted tax basis and Value of any Company property reflected in the Members’ Capital Accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations, or the successor provisions of such Code Section or applicable Treasury Regulations. A decision to use a method to allocate such variation pursuant to Treasury Regulations Section 1.704-3 shall be considered a tax election requiring Prior Board Approval.
Income Taxes and Tax Capital Accounts. (a) Each item of income, gain, loss, deduction or credit shall be allocated for federal income tax purposes in the same manner as such item is allocated pursuant to Section 4.02; provided, however, the Members may cause the Company to reallocate profit and loss (or items thereof) for federal income tax purpose to the extent necessary to comply with the requirements of section 704(b) of the Code (including the Treasury Regulations promulgated thereunder).
(b) In the event of any variation between the adjusted tax basis and Value of any Company property reflected in the Members’ capital accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations.
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes.
(b) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 4.2.
(c) Income, gains, losses and deductions with respect to any property (other than cash) contributed or deemed contributed to the capital of the Company shall, solely for income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its value at the time of the contribution or deemed contribution in accordance with Section 704(c) of the Code and the Treasury Regulations. Such allocations shall be made in such manner and utilizing such permissible tax elections as determined by the Board. If there is a revaluation of the property of the Company, subsequent allocations of income, gains, losses or deductions with respect to such property shall be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property to the Company for federal income tax purposes and its value in accordance with Section 704(c) of the Code and the Treasury Regulations. Such allocations shall be made in such manner and utilizing such permissible tax elections as determined by the Board.
(d) The Company may specially allocate items of ordinary income or loss or capital gain (including short-term capital gain) or loss to a Member withdrawing all or part of its Capital Account pursuant to this Agreement insofar as is possible to reduce the difference, if any, between the aggregate amounts allocated to such Member’s Capital Account and the aggregate amount of tax items allocated to such Member. For purposes of the foregoing, the Company shall, in determining an equitable method of allocation of tax items, take into account the allocations of Profit and Loss, any special allocations and the differences between amounts allocated to the Capital Accounts and the aggregate amounts of tax items allocated to the Members, and may determine that an equitable method of allocation includes, without limitation, an allocation pro rata based upon the relative differences between amounts allocated to the Capital Accounts and the aggregate amounts of tax items allocated to the relevant Members.
(e) Allocations pursuant to this Section 4.4 are solely for federal, state and local tax purposes and shall not ...
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes. No Member shall take any action inconsistent with the Company being treated as a partnership for U.S. federal income tax purposes.
(b) Except as otherwise provided in Section 4.4(c), each item of taxable income, gain, loss, deduction or credit shall be allocated in the same manner as the corresponding book item is allocated pursuant to Section 4.2.
(c) In the event of any variation between the adjusted tax basis and Value of any Company property reflected in the Members’ Capital Accounts maintained for federal income tax purposes, such variation shall be taken into account in allocating taxable income or loss for income tax purposes in accordance with, and to the extent consistent with, the principles under Section 704(c) of the Code and applicable Treasury Regulations, or the successor provisions of such Code Section or applicable Treasury Regulations. A decision to use a method to allocate such variation pursuant to Treasury Regulations Section 1.704-3 shall be considered a tax election requiring Board Approval.
Income Taxes and Tax Capital Accounts. (a) The Members intend that allocations of income, gain, loss, and deduction of the Company for income tax purposes comply with Code section 704 and the Treasury Regulations thereunder, and this Agreement shall be interpreted consistently therewith. Except as otherwise required by Code section 704 and the Treasury Regulations thereunder, with respect to each taxable year or other period, each item of income, gain, loss, deduction or credit shall be allocated for income tax purposes in the same proportion as items are allocated pursuant to Section 4.02 for such period.
(b) In accordance with Code section 704(c) and the Treasury Regulations thereunder, (i) income, gain, loss and deduction with respect to any property contributed to the capital of the Company, or after any Company asset has been revalued under Treas. Reg. § 1.704-1(b)(2)(iv)(f), shall, solely for federal income tax purposes, be allocated among the Members so as to take into account any variation between the adjusted tax basis of such asset and its book value (as computed for purposes of Code Section 704(b) and the Treasury Regulations hereunder) using any permissive method(s) and (ii) with respect to any property contributed to the capital of the Company that has a “built-in loss” (as defined in Section 704(c)(1)), the Company shall comply with Section 704(c)(1)(C); provided, that, in each case, any determination or decision in applying the preceding clauses (i) or (ii) with respect to any property contributed to the capital of the Company by a Member shall require the approval of such Member, which approval shall not be unreasonably withheld, conditioned or delayed. For the avoidance of doubt, the Company shall comply with Treas. Reg. § 1.704-1(b)(2)(iv)(g) in making allocations of depreciation, depletion, amortization (including in connection with any accrual of market discount or premium), and gain or loss, as computed for purposes of Code section 704(b) and the Treasury Regulations hereunder.
Income Taxes and Tax Capital Accounts. (a) The Company shall be treated as a partnership for U.S. federal income tax purposes.
(b) Each item of income, gain, loss, deduction or credit shall be allocated in the same manner as such item is allocated pursuant to Section 4.2.
