Common use of Partnership Tax and Information Returns Clause in Contracts

Partnership Tax and Information Returns. (a) The Partnership shall timely file all returns of the Partnership that are required for federal, state and local income tax purposes on the basis of the accrual method and its fiscal year. The Officers of the Partnership shall use reasonable efforts to furnish to all Partners necessary tax information as promptly as possible after the end of the fiscal year of the Partnership; provided, however, that delivery of such tax information will be subject to delay in the event of, among other reasons, the late receipt of any necessary tax information from an entity in which the Partnership has made an investment. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting for federal income tax purposes.