Common use of Items of Income or Loss Clause in Contracts

Items of Income or Loss. Except as is otherwise provided in this Exhibit B or in the Code and Regulations, an allocation of Partnership Net Income or Net Loss to a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss, deduction, and item of tax-exempt income or Code section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Regulations section 1.704-1(b)(2)(iv)(i)) ("Tax Items") that is taken into account in computing Net Income or Net Loss. Tax Items with respect to Partnership property that is subject to Code section 704(c) and/or Regulations section 1.704-1(b)(2)(iv)(f) shall be allocated in accordance with Code section 704(c) and Regulations section 1.704-3.