Common use of Prohibition Against Retroactive Allocations Clause in Contracts

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Partner shall be allocated any loss, credit or income attributable to a period prior to his admission to the Partnership. In the event that a Partner Transfers all or a portion of his Partnership interest, or if there is a reduction in a Partner's Residual Percentage due to the admission of new Partners or otherwise, each Partner's distributive share of Partnership items of income, loss, credit, etc., shall be determined by taking into account each Partner's varying interests in the Partnership during the Partnership's taxable year. For this purpose, each Partner's distributive share shall be estimated by taking the pro rata portion of the distributive share such Partner would have included in his taxable income had he maintained his Residual Percentage throughout the Partnership year. Such proration shall be based upon the portion of the year during which such Partner held the Residual Percentage, except that extraordinary, nonrecurring items shall be allocated to the persons holding Partnership interests at the time such extraordinary items occur.

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Partner shall be allocated any loss, credit or income attributable to a period prior to his admission to the Partnership. In the event that a Partner Transfers all or a portion of his Partnership interest, or if there is a reduction in a Partner's Residual ’s Partnership Percentage due to the admission of new Partners or otherwise, each Partner's ’s distributive share of Partnership items of income, loss, credit, etc., shall be determined by taking into account each Partner's ’s varying interests in the Partnership during the Partnership's ’s taxable year. For this purpose, each Partner's ’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Partner would have included in his taxable income had he maintained his Residual Partnership Percentage throughout the Partnership year. Such proration shall be based upon the portion of the year during which such Partner held the Residual PercentagePartnership, except that extraordinary, nonrecurring items shall be allocated to the persons holding Partnership interests at the time such extraordinary items occur.

Prohibition Against Retroactive Allocations. Notwithstanding anything in this Agreement to the contrary, no Partner shall be allocated any loss, credit or income attributable to a period prior to his its admission to the Partnership. In the event that a Partner Transfers transfers all or a portion of his Partnership interestsuch Partner’s Interest, or if there is a reduction in a Partner's Residual ’s Percentage Interest due to the admission of new Partners or otherwise, each Partner's ’s distributive share of Partnership items of income, loss, credit, etc., shall be determined by taking into account each Partner's ’s varying interests in the Partnership during the Partnership's ’s taxable year. For this purpose, unless the General Partner, in its sole discretion, elects to provide for an interim closing of the Partnership’s books, each Partner's ’s distributive share shall be estimated by taking the pro rata portion of the distributive share such Partner would have included in his taxable income had he it maintained his Residual its Percentage Interest throughout the Partnership year. Such proration shall be based upon the portion of the year during which such Partner held the Residual PercentagePercentage Interest, except that extraordinary, nonrecurring non-recurring items shall be allocated to the persons Persons holding Partnership partnership interests at the time such extraordinary items occur.