Common use of IRS Ruling Clause in Contracts

IRS Ruling. The Landlord and the Agent acknowledge that neither the United States Congress nor the Internal Revenue Service has established definitive standards for active participation in the management of investment property. Accordingly, while it is the intention of the parties that the Landlord shall actively participate in management of the Property, the Agent makes no representation or warranty that the provisions of this Agreement shall comply with any requirements for “active participation” by the Landlord.

IRS Ruling. The Landlord Owner and the Agent acknowledge that neither the United States Congress nor the Internal Revenue Service has established definitive standards for active participation in the management of investment property. Accordingly, while it is the intention of the parties that the Landlord Owner shall actively participate in management of the Property, the Agent makes no representation or warranty that the provisions of this Agreement shall comply with any requirements for “active participation” by the LandlordOwner.

IRS Ruling. The Landlord Owner and the Agent acknowledge that neither the United States Congress nor the Internal Revenue Service has established definitive standards for active participation in the management of investment property. Accordingly, while it is the intention of the parties that the Landlord Owner shall actively participate in management of the Property, the Agent makes no representation or warranty that the provisions of this Agreement shall comply with any requirements for “active participation” by the LandlordOwner.