Net Profit and Net Loss. For the purposes of this Operating Agreement, the terms “Net Profit” and “Net Loss” shall mean the Company’s taxable net profit and taxable net loss, respectively, for the period or periods in question, determined in accordance with federal income tax accounting principles, taking into account such items not reflected in the Company’s taxable net income or taxable net loss as required by Section 704(b) of the Code and the Treasury Regulations promulgated thereunder. All Net Profit and Net Loss shall be allocated entirely to the Member.
Net Profit and Net Loss. For each Fiscal Year, an amount equal to the taxable income or loss of the Company for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss and deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: (a) if the Gross Asset Value of any Company asset is adjusted pursuant to the provisions of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Profit or Net Loss; (b) gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; (c) in lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with the definition of Depreciation; (d) any receipts of the Company that are exempt from federal income tax and are not otherwise included in taxable income or loss shall be added to such taxable income or loss; and (e) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations, and not otherwise taken in account in computing taxable income or loss pursuant to this paragraph, shall be subtracted from such taxable income or added to such taxable loss.
Net Profit and Net Loss. For the purposes of this Agreement, the term "Net Profit" or "Net Loss" shall mean an amount equal to the Company's net income or loss for the relevant fiscal year or shorter period, determined in accordance with generally accepted accounting principles and procedures consistently applied.
Net Profit and Net Loss. (a) Net Profit for any Fiscal Period shall be allocated in accordance with the Capital Schedule, attached as Schedule D, subject to Section 704(b) of the Code.
(b) Net Loss for any Fiscal Period shall be allocated in accordance with the Capital Schedule, attached as Schedule D, subject to Section 704(b) of the Code.
Net Profit and Net Loss. Definition. “
Net Profit and Net Loss. The terms "Net Profit" and "Net Loss" means for each taxable year or other period the excess of items of Profit over items of Loss for such period, or the items of Loss over the items of Profit for such period, as appropriate. Net Profit and Net Loss shall not include items of Profit and Loss allocated pursuant to Section 9.2.
Net Profit and Net Loss. For purposes of this Agreement, the terms “Net Profit” and “Net Loss” mean the Partnership’s net profit and net loss, respectively, for the period or periods in question, determined in accordance with federal income tax accounting principles. The General Partner can make appropriate modifications to the computation of Net Profit and Net Loss if required to be consistent with the maintenance of the Partners’ Capital Accounts pursuant to Section 4.1.
Net Profit and Net Loss. (a) After giving effect to the special allocations provided in SECTIONS 8.2, 8.4 and 8.7, Net Profit of the Company for each Fiscal Year shall be allocated to each of the Members, up to the amount necessary to increase such Member's Capital Account balance to the positive amount which will be distributed to each of the Members if the Company sold all of its assets for book value (as determined by an independent certified public accounting firm or as mutually agreed by the Manager, BR and JLUS), paid off all of its liabilities, and distributed all remaining cash to the Members in accordance with ARTICLE 9 hereof. Any Net Profit in excess thereof shall be allocated among the Members in proportion to their then respective Percentage Interests.
(b) After giving effect to the special allocations provided SECTIONS 8.2, 8.4 and 8.7, Net Loss of the Company for each Fiscal Year shall be allocated to each of the Members up to the amount necessary to decrease each Member's Capital Account balance to the positive amount which will be distributed to each of the Members if the Company sold all of its assets for book value (as determined by an independent certified public accounting firm or as mutually agreed by the Manager, BR and JLUS), paid off all of its liabilities, and distributed all remaining cash to the Members in accordance
Net Profit and Net Loss. For each Fiscal Year or other period, an amount equal to the Partnership’s income or loss for such Fiscal Year or period, determined in accordance with applicable accounting, statutory or regulatory standards.
Net Profit and Net Loss
