Common use of Profit or Loss Clause in Contracts

Profit or Loss. For purposes of Section 2.3 and Article 3, -------------- "profit or loss" refers to taxable income of the Partnership as computed under IRC Section 703, but taking into account also (i) any item of income exempt from tax, and (ii) any item of expense described in IRC Section 705(a)(2)(B) or treated as described in IRC Section 705(a)(2)(B) by Regulations promulgated under IRC Section 704(b) and excluding any items specially allocated pursuant to Sections 3.5 and 3.6 hereof.

Profit or Loss. For purposes of Section 2.3 and Article 3, -------------- "profit or loss" refers to taxable income of the Partnership as computed under IRC Section 703, but taking into account also (i) any item of income exempt from tax, and (ii) any item of expense described in IRC Section 705(a)(2)(B) or treated as described in IRC Section 705(a)(2)(B) by Regulations promulgated under IRC Section 704(b) and excluding any items specially allocated pursuant to Sections 3.5 and 3.6 hereof).