Losses on Sales. Net losses from the sale or other disposition of any of the Partnership assets or properties, including without limitation such losses on a sale or other disposition resulting in or followed by a winding up of the Partnership's affairs and a final distribution in accordance with Section 8.2, shall be allocated to the Partners in accordance with their respective Ownership Percentages; provided, however, that net loss from the sale of the Assets contributed to the Partnership by a Partner shall be allocated (for tax purposes only) 100% to such contributing Partner to the extent of the excess of the contributing Partner's adjusted tax basis in such Assets on the date of its contribution, less the value of the contributed Assets on the date of its contribution to the Partnership, and any remaining net loss shall be allocated to the Partners in accordance with their ownership Percentages.
Appears in 5 contracts
Samples: North American Pipe Corp, North American Pipe Corp, North American Pipe Corp
