No Retroactive Allocations Clause Samples
No Retroactive Allocations. No new Members shall be entitled to any retroactive allocation of losses, income or expense deductions incurred by the Company. The Members may, at their option, at the time a Member is admitted, close the Company books (as though the Company’s tax year had ended) or make pro rata allocations of loss, income and expense deductions to a new Member for that portion of the Company’s tax year in which a Member was admitted in accordance with the provisions of Section 706(d) of the Code and the Treasury Regulations promulgated thereunder.
No Retroactive Allocations. No new Member shall be entitled, upon -------------------------- admission as a Member, to any retroactive allocation of losses, income, or deduction incurred by the Company; provided, however, that the Members may, in their discretion, either close the Company books (as though the Company's tax year had ended) at the time a new Member is admitted or make pro rata allocations of loss, income, and deductions to the new Member for that portion of the Company's tax year in which the new Member was admitted in accordance with the provisions of Section 706(d) of the Code and the Treasury Regulations promulgated thereunder.