Common use of Property Carried at a Book Value Different from Tax Basis Clause in Contracts

Property Carried at a Book Value Different from Tax Basis. If, pursuant to provisions of this Section 7, property is reflected in the Capital Accounts of the Partners and on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, then the adjustments to Capital Accounts in respect of such property prescribed in Sections 7(f)(i)(C), 7(f)(i)(G) and 7(g) shall be determined by reference to depreciation, depletion, amortization, gain or loss as computed for book purposes and no further adjustments shall be made to the Capital Accounts to reflect the Partner’s shares of the corresponding tax items. For the purposes of computing such adjustments to Capital Accounts, the amount of book depreciation, depletion, or amortization for a period with respect to an item of partnership property shall be the amount that bears the same relation to the book value of such property as the depreciation (or cost recovery deduction), depletion, or amortization computed for tax purposes with respect to such property for such period bears to the adjusted tax basis of such property. If such property has a zero adjusted tax basis, the General Partner may select any reasonable method of computing book depreciation, depletion or amortization with respect to such property.

Property Carried at a Book Value Different from Tax Basis. If, pursuant to provisions of this Section 7, property is reflected in the Capital Accounts of the Partners and on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, then the adjustments to Capital Accounts in respect of such property prescribed in Sections 7(f)(i)(C7(g)(i)(C), 7(f)(i)(G7(g)(i)(G) and 7(g7(h) shall be determined by reference to depreciation, depletion, amortization, gain or loss as computed for book purposes and no further adjustments shall be made to the Capital Accounts to reflect the Partner’s shares of the corresponding tax items. For the purposes of computing such adjustments to Capital Accounts, the amount of book depreciation, depletion, or amortization for a period with respect to an item of partnership property shall be the amount that bears the same relation to the book value of such property as the depreciation (or cost recovery deduction), depletion, or amortization computed for tax purposes with respect to such property for such period bears to the adjusted tax basis of such property. If such property has a zero adjusted tax basis, the General Partner may select any reasonable method of computing book depreciation, depletion or amortization with respect to such property.

Property Carried at a Book Value Different from Tax Basis. If, pursuant to provisions of this Section 7, property is reflected in the Capital Accounts of the Partners and on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, then the adjustments to Capital Accounts in respect of such property prescribed in Sections 7(f)(i)(C7(f) (i) (C), 7(f)(i)(G7(f) (i) (G) and 7(g) shall be determined by reference to depreciation, depletion, amortization, gain or loss as computed for book purposes and no further adjustments shall be made to the Capital Accounts to reflect the Partner’s shares of the corresponding tax items. For the purposes of computing such adjustments to Capital Accounts, the amount of book depreciation, depletion, or amortization for a period with respect to an item of partnership property shall be the amount that bears the same relation to the book value of such property as the depreciation (or cost recovery deduction), depletion, or amortization computed for tax purposes with respect to such property for such period bears to the adjusted tax basis of such property. If such property has a zero adjusted tax basis, the General Partner may select any reasonable method of computing book depreciation, depletion or amortization with respect to such property.