Member Elections. Each Member shall elect under section 617(a) of the Code to deduct currently all exploration expenses. Each Member reserves the right to capitalize its share of development and exploration expenses of the Company in accordance with section 59(e) of the Code, provided that a Member’s election to capitalize all or any portion of these expenses shall not affect the Member’s Capital Account.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Contango ORE, Inc.), Limited Liability Company Operating Agreement (Gold Torrent Canada Inc)
Member Elections. Each Member shall elect under section Section 617(a) of the Code to deduct currently all exploration expenses. Each Member reserves the right to capitalize its share of development and exploration expenses of the Company in accordance with section Section 59(e) of the Code, provided that a Member’s election to capitalize all or any portion of these expenses shall not affect the Member’s Capital Account.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Golden Queen Mining Co LTD)
Member Elections. Each Member shall elect under section 617(a) of the Code to deduct currently all exploration expenses. Each Member reserves the right to capitalize its share of development and exploration expenses of the Company in accordance with section 59(e) of the Code, provided that a Member’s 's election to capitalize all or any portion of these expenses shall not affect the Member’s 's Capital Account.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Solitario Exploration & Royalty Corp.)
