Minimum Gain Chargeback—Company Nonrecourse Liabilities. If there is a net decrease in Company Minimum Gain during any Fiscal Year, certain items of income and gain shall be allocated (on a gross basis) to the Members in the amounts and manner described in Regulations Section 1.704-2(f) and (j)(2)(i) and (ii), subject to the exemptions set forth in Regulations Section 1.704-2(f)(2), (3), (4), and (5). This Section 5.2(a) is intended to comply with the minimum gain chargeback requirement (set forth in Regulations Section 1.704-2(f)) relating to Company nonrecourse liabilities (as defined in Regulations Section 1.704-2(b)(3)) and shall be so interpreted.
Minimum Gain Chargeback—Company Nonrecourse Liabilities. If there is a net decrease in Company Minimum Gain during a taxable year, items of income and gain for such year (and, if necessary, for subsequent years) shall be allocated to the Members in proportion to, and to the extent of, their shares of such net decrease in Company Minimum Gain as determined under Treas. Reg. Section 1.704‑2(g)(2). Any such allocations shall be made in accordance with, and only to the extent required by, Treas. Reg. Sections 1.704-2(f) and 1.704-2(j)(2)(i).
Minimum Gain Chargeback—Company Nonrecourse Liabilities. If there is a net decrease in Company Minimum Gain during any Tax Year, certain items of income and gain will be specially allocated (on a gross basis) to the Members in accordance with the rules described in Tax Regulations Section 1.704-2(f) and - 2(j)(2)(i) and (iii), subject to the exemptions set forth in Tax Regulations Section 1.704-2(f)(2), (3), (4) and (5). This SECTION 5.4(a) is intended to comply with the minimum gain chargeback requirement set forth in Tax Regulations Section 1.704-2(f) relating to Company nonrecourse liabilities (as defined in Tax Regulations Section 1.704-2(b)(3)) and will be so interpreted.
Minimum Gain Chargeback—Company Nonrecourse Liabilities. If there is a net decrease in Company Minimum Gain during any Fiscal Year or other relevant period, certain items of income and gain will be allocated (on a gross basis) to the Members who had a share of the net decrease in Company Minimum Gain determined in accordance with Treasury Regulations section 1.704-2(g) in accordance with the rules described in Treasury Regulations sections 1.704-2(f), (j)(2)(i) and (j)(2)(iii), subject to the exemptions set forth in Treasury Regulations section l.704-2(f)(2), (3), (4) and (5). This Section 6.2(b) is intended to comply with the “minimum gain chargeback” requirement set forth in Treasury Regulations section 1.704-2(f) relating to partnership nonrecourse liabilities (as defined in Treasury Regulations section 1.704-2(b)(3)) and will be so interpreted.
