Other Tax Allocations Sample Clauses
The "Other Tax Allocations" clause defines how taxes not specifically addressed elsewhere in the agreement are to be allocated between the parties. It typically outlines the responsibility for payment of miscellaneous or unforeseen taxes, such as local levies, stamp duties, or newly enacted taxes that may arise during the term of the contract. By clarifying which party bears these additional tax burdens, the clause helps prevent disputes and ensures that both parties understand their financial obligations regarding all potential tax liabilities.
Other Tax Allocations. Items of income, gain, loss, deduction, credit and tax preference for state, local and foreign income tax purposes shall be allocated among the Partners in a manner consistent with the allocation of such items for federal income tax purposes in accordance with the foregoing provisions of this Section.
Other Tax Allocations. The following special rules shall apply in allocating tax items of the Company:
(a) 704(c)
Other Tax Allocations. 11 SECTION 5 ACCOUNTING, FINANCIAL REPORTING AND TAX MATTERS.................................................... 11
Other Tax Allocations. 9 SECTION 5 ACCOUNTING, FINANCIAL REPORTING AND TAX MATTERS...................... 9 5.1 Fiscal Year.......................................................... 9 5.2 Method of Accounting for Financial Reporting Purposes................ 9 5.3 Books and Records; Right of Partners to Audit........................ 9 5.4 Reports and Financial Statements..................................... 10 5.5 Method of Accounting for Book and Tax Purposes....................... 10 5.6 Taxation............................................................. 10 5.7 Delegation........................................................... 12
Other Tax Allocations. For income tax purposes, income, gain, loss, and deduction with respect to property contributed to the Partnership by a Partner or revalued pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(f) shall be allocated among the Partners in a manner that takes into account the variation between the adjusted tax basis of such property and its book value, as required by Section 704(c) of the Code and Treasury Regulation Section 1.704-1 (b)(4)(i), using the remedial allocation method permitted by Treasury Regulation Section 1.704-3(d).
Other Tax Allocations. Section 704(c) of the Code.
(a) In accordance with ss.704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition in Section 1.1 hereof).
(b) In the event the Gross Asset Value of any Company asset is adjusted pursuant to Paragraph (ii) of the definition of "Gross Asset Value" contained in Section 1.1 hereof, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under ss.704(c) of the Code and the Treasury Regulations thereunder.
(c) Any elections or other decisions relating to allocations under this Section 8.4, including the selection of any allocation method permitted under Treasury Regulation ss.1.704-3, shall be made by the Management Committee in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 8.4 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member's Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.
Other Tax Allocations. (a) Notwithstanding Sections 10.1 and 10.3, for accounting purposes and for purposes of the Tax Act (and any correspondent provincial income tax legislation), “Canadian development expense” and “Canadian exploration expense” and other similar amounts which must be allocated to the Partners by the Partnership for each Fiscal Year pursuant to the Tax Act (“Resource Expenditures”) shall be allocated among the Persons who are Limited Partners at the end of such Fiscal Year based on their Proportionate Share at that time, except that (i) where the Resource Expenditures arose as a result of the contribution or transfer of property (excluding cash) by a Limited Partner to the Partnership, the Canadian development expense, or such other amounts incurred by the Partnership as a result of such contribution or transfer such Resource Expenditures will be allocated solely to the Limited Partner that contributed or transferred such property, (ii) if the Partnership incurs Resource Expenditures in the future which are funded using cash contributed disproportionately by one or more Limited Partners, such Resource Expenditures shall be allocated to the Limited Partner or Limited Partners that funded the Resource Expenditures in proportion to the amount of funding thereof by such Limited Partner or Limited Partners, and (iii) if the Partnership incurs Resource Expenditures as a result of acquiring a Substituted Property, such Resource Expenditures shall be allocated to the Limited Partner, or proportionately among the Limited Partners, that who were allocated proceeds of disposition pursuant to paragraph 10.6(c)(i) or 10.6(c)(ii) in respect of the disposition of the initial property for which the Substituted Property was substituted up to the aggregate amount of the proceeds allocated to such Limited Partner(s), and the balance if any of the Resource Expenditures in respect of the Substituted Property shall be allocated to the Limited Partners in accordance with the other provisions of this Section.