Common use of Profits, Losses and Tax Credits Clause in Contracts

Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-deductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-nine percent (99%) to the Investment Limited Partner and one percent (1%) to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth of Section 10.2(a).

Appears in 3 contracts

Samples: Boston Capital Tax Credit Fund Iv Lp, Boston Capital Tax Credit Fund Iv Lp, Boston Capital Tax Credit Fund Iv Lp

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Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-non- deductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-nine and ninety-nine one-hundredths percent (9999.99%) to the Investment Limited Partner and one one-hundredth of one percent (1.01%) to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth of Section 10.2(a).

Appears in 1 contract

Samples: Boston Capital Tax Credit Fund Iv Lp

Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-non- deductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-nine and ninety-nine one-hundredths percent (9999.99%) to the Investment Limited Partner and one one-hundredth of one percent (10.01%) to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth of Section 10.2(a).

Appears in 1 contract

Samples: Boston Capital Tax Credit Fund Iv Lp

Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-non- deductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-nine percent (99%) to the Investment Limited Partner and one percent (1%) to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth Eighth of Section 10.2(a).

Appears in 1 contract

Samples: Boston Capital Tax Credit Fund Iv Lp

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Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-non- deductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-ninety- nine percent (99%) to the Investment Limited Partner and one percent (1%) to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth Fifth of Section 10.2(a).

Appears in 1 contract

Samples: Boston Capital Tax Credit Fund Iv Lp

Profits, Losses and Tax Credits. (a) Subject to the provisions of Section 10.1(b) and Section 10.4, for each Partnership Fiscal Year or portion thereof, all Operating Profits and Losses, tax-exempt income, losses, non-deductible nondeductible non-capitalizable expenditures and Tax Credits incurred or accrued on or after the Commencement Date shall be allocated ninety-nine percent (99%) 99.9% to the Investment Limited Partner, 0.01% to the Class A Limited Partner and one percent (1%) 0.09% to the General Partner, provided, however, that in any Fiscal Year in which Operating Profits are generated, such Operating Profits shall be allocated to and among the Partners in the same percentages as distributions of Cash Flow are made pursuant to Clause Sixth of Section 10.2(a).

Appears in 1 contract

Samples: Boston Capital Tax Credit Fund Iv Lp

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