No Restoration of Deficit Capital Accounts. If the Company is deemed to be liquidated for federal income tax purposes within the meaning of Regulation Section 1.704- 1(b)(2)(ii)(g), distributions under Section 14.3(c) shall be made in compliance with Regulation Section 1.704-1 (b)(2)(ii)(b)
Appears in 3 contracts
Sources: Operating Agreement (Wellsford Real Properties Inc), Operating Agreement (Wellsford Real Properties Inc), Operating Agreement (Wellsford Real Properties Inc)
No Restoration of Deficit Capital Accounts. If the Company is deemed to be liquidated for federal income tax purposes within the meaning of Regulation Section 1.704- 1.704-1(b)(2)(ii)(g), distributions under Section 14.3(c) shall be made in compliance with Regulation Section 1.704-1 (b)(2)(ii)(b)
Appears in 3 contracts
Sources: Operating Agreement (Equity Residential Properties Trust), Operating Agreement (Wellsford Real Properties Inc), Operating Agreement (Wellsford Residential Property Trust)