Common use of Internal Revenue Provision Clause in Contracts

Internal Revenue Provision. Notwithstanding any provisions herein that the rights and liabilities hereunder are several and not joint or collective or that this Agreement and the operations hereunder shall not constitute a partnership, if for Federal Income Tax purposes this Agreement and the operations hereunder are regarded as a partnership, then for Federal Income Tax purposes each PARTY elects to be excluded from the application of all the provisions of Subchapter K, Chapter 1, Subtitle A, Internal Revenue Code of 1986, as permitted and authorized by Section 761 of said Code and the regulations promulgated thereunder. OPERATOR is hereby authorized and directed to execute on behalf of each PARTY such evidence of this election as may be required by the Federal Internal Revenue Service including specifically, but not by way of limitation, all of the returns, statements and data required by Federal Regulations 1.761.1 and 1.761.2. Should there be any requirement that each PARTY further evidence this election, each PARTY agrees to execute such documents and furnish such other evidence as may be required by the Federal Internal Revenue Service. Each PARTY further agrees not to give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law of the United States of America or any state contains provisions similar to those contained in Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of said Subchapter K is permitted, each PARTY makes such election or agrees to make such election as may be permitted by such laws. In making this election, each PARTY states that the income derived by it from the operations under this Agreement can be adequately determined without the computation of partnership taxable income.

Internal Revenue Provision. This Agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the Parties hereto. Notwithstanding any provisions herein that the rights and liabilities hereunder are several and not joint or collective collective, or that this Agreement and the operations hereunder shall not constitute a partnership, if if, for Federal Income Tax purposes income tax purposes, this Agreement and the operations hereunder are regarded as a partnership, then for Federal Income Tax purposes each PARTY Party hereby affected elects to be excluded from the application of all of the provisions provision of Subchapter "K", Chapter 1, Subtitle "A", of the Internal Revenue Code of 1986, as amended, and as permitted and authorized by Section 761 of said the Code and the regulations promulgated thereunder. OPERATOR Operator is hereby authorized and directed to execute on behalf of each PARTY Party hereby affected such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service Service, including specifically, but not by way of limitation, all of the returns, statements statements, and the data required by Federal Regulations 1.761.1 and 1.761.2. Should there be any requirement that each PARTY Party hereby affected give further evidence of this election, each PARTY agrees to such Party shall execute such documents and furnish such other evidence as may be required by the Federal Internal Revenue ServiceService or as may be necessary to evidence this election. Each PARTY further agrees not to No such Party shall give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located or any future income tax laws of the United States of America or any state contains contain provisions similar to those contained in Subchapter "K", Chapter 1, Subtitle A "A", of the Internal Revenue Code of 1986, as amended, under which an election similar to that provided by Section 761 of said Subchapter K the Code is permitted, each PARTY makes such election or agrees to Party hereby affected shall make such election as may be permitted or required by such laws. In making this the foregoing election, each PARTY such Party states that the income derived by it such Party from the operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

Internal Revenue Provision. Notwithstanding any provisions herein herein, that the rights and liabilities of the parties hereunder are several and not joint or collective collective, or that this Agreement agreement and the operations hereunder shall not constitute a partnership, if for Federal Income Tax income tax purposes this Agreement agreement and the operations hereunder are regarded as a partnership, then for Federal Income Tax purposes each PARTY of the parties hereto hereby elects to be excluded from the application of all of the provisions of Subchapter Sub-Chapter K, Chapter 1l, Subtitle A, A of the Internal Revenue Code of 19861954, as permitted and authorized by Section 761 of the said Code and the regulations regulation promulgated thereunder. OPERATOR Operator is hereby authorized and directed to execute on behalf of each PARTY of the parties hereto such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service Service, including specifically, but not by way of limitation, all of the returns, statements and data required by Federal Regulations 1.761.1 and 1.761.21.761.1(a). Should there be any requirement that each PARTY party hereto further evidence this election, election each PARTY party hereto agrees to execute such documents and furnish such other evidence as may be required by the Federal Internal Revenue ServiceService or as may be necessary to evidence this election. Each PARTY party hereto further agrees not to give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax laws of the state or states in which the property covered by this agreement is located, or any future income tax law of the United States of America States, contain, or any state contains shall hereafter contain, provisions similar to those contained in Subchapter Sub-Chapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 19861954, under which an election similar to that provided by Section 761 of said Subchapter Sub-Chapter K is permitted, each PARTY of the parties hereto hereby makes such election or agrees to make such election as may be permitted by such laws. In making this election, election each PARTY of the parties hereto hereby states that the income derived by it him from the operations under this Agreement agreement can be adequately determined without the computation of partnership taxable income.