Partnership Taxation. The Operating Partnership and each subsidiary that is a partnership or a limited liability company under state law (each a "Subsidiary Partnership") are properly classified as partnerships or disregarded entities, and not as corporations or as associations taxable as corporations, for Federal income tax purposes throughout the period from July 22, 1993 through the date hereof, or, in the case of any Subsidiary Partnerships that have terminated, through the date of termination of such Subsidiary Partnerships.
Partnership Taxation. Neither the Company nor any Manager or Member may make an election for the company to be excluded from the application of the provisions of Subchapter K of the Code or any similar provisions of applicable state law. The Members intend that the Company not be a partnership or joint venture, and that no Member or Manager be a partner of or joint venturer with any other Member or Manager, for any purpose other than federal and state tax purposes, and this Agreement may not be construed to suggest otherwise. The provisions of Section 5.1(b) herein respecting the allocation of Units shall control the allocation of income, loss and tax items derived from the Company's operations.
Partnership Taxation. Neither the Company, nor any Member, may make an election for the Company to be excluded from the application of the provisions of Subchapter K (Partners & Partnership) of Chapter 1 (Normal Taxes & Surtaxes) of Subtitle A (Income Taxes) of the Internal Revenue Code or any similar provisions of applicable state law. The Members agree that for federal and state tax purposes the Company shall be qualified and shall operate as a partnership; however, for all other state law purposes the Company shall not be a partnership, but shall constitute a limited liability company.
Partnership Taxation. The Company currently is subject to taxation as a partnership for federal income-tax purposes. Immediately after the Closing, the Company will continue to be taxed as a partnership for federal income-tax purposes. After giving effect to the registration of Company’s Common Units (as defined in the Amended & Restated Limited Partnership Agreement) under the Exchange Act and the Listing (as defined below, the Company expects to continue to be taxed as a partnership for federal income-tax purposes, provided that there is no change in the current rules regarding the treatment of publicly-traded partnerships, within the meaning of Section 7704(b) of the Internal Revenue Code of 1986.
Partnership Taxation. 14 (k) Reservation of Underlying Securities.........................................................14 (l) Maintenance of Common Shares Listing.........................................................14
Partnership Taxation. The Company will use its best efforts to continue to operate its business so as to properly be treated as a partnership, and not as a publicly traded partnership taxable as a corporation or as an association taxable as a corporation, for federal income tax purposes and at least 90% of its gross income each taxable year will be qualifying income for purposes of Section 7704(c) of the Internal Revenue Code of 1986, as amended (i.e., less than 10% of its gross income will be derived from a financial business, an insurance business, or acting as a dealer), throughout the life of the Company.
Partnership Taxation. Neither the Company, any Manager nor any Member may make an election for the Company to be excluded from the application of the provisions of Subchapter K (Partners & Partnership) of Chapter 1 (Normal Taxes & Surtaxes) of Subtitle A (Income Taxes) of the Code or any similar provisions of applicable state law.
Partnership Taxation. The Partners intend that the Partnership shall be treated as a "general partnership" for federal, state and local income and franchise tax purposes and the Partners agree to take all action, including the amendment of this Agreement and the execution of other documents as may be required, to qualify for and receive such tax treatment. Furthermore, each Partner agrees that it shall not, in its own tax reporting and returns, take any position inconsistent with the Partnership being taxed as a "general partnership."
