Provision Concerning Taxation. Nothing in this agreement or in any of the exhibits attached hereto is intended to create or shall it be deemed to create a joint venture or a mining or other partnership of any kind, or to provide for or create any joint liability.
Provision Concerning Taxation. (a) Each of the parties elects, under the authority of Section 761(a) of the Internal Revenue Code of 1954, as amended (the "Code"), to be excluded from the application of all of the provisions of subchapter K of Chapter 1 of Subtitle A of the Code. If the income tax laws of the state or states in which the property covered hereby is located may contain, or may hereafter contain, provisions similar to those contained in Subchapter K of the Code, under which a similar election is permitted, each of the Developers authorizes and directs the Operator to execute such election or elections on its behalf and to file the election with the proper government office or agency. Beginning with the first taxable year of operations hereunder, each party agrees that the deemed election provided by Section 1.761-2(b) (2) (ii) of the Regulations under the Code will apply; and no party will file an application under Section 1.761-2(b) (3) (i) and (ii) of said Regulations to revoke said election. If requested by the Operator to do so, each Developer agrees to execute and join in such an election.
Provision Concerning Taxation. The liabilities of the parties hereto shall be several and not joint or collective, and each party shall be responsible for its proportionate share of the costs and liabilities incurred as provided hereunder. It is not the purpose or intention of the Agreement to create for state law any partnership or association, and neither this Agreement nor the operations hereunder shall be construed or considered as creating any such relationship. Furthermore, the parties hereto acknowledge and represent that it is not their intention to create a Partnership for federal and state income tax purposes, and each party agrees to elect to be excluded from the application of Subchapter K of Chapter 1 of Subtitle A of the Internal Revenue Code of 1954, as amended (the Code), or any similar provisions contained in applicable statutes of the various states of the United States. Operator shall render to each party an annual working interest statement and accompanying 1099-Misc. Form, and each party is then liable for preparation of necessary tax forms to the Internal Revenue Service. Operator shall render for ad valorem taxation all property subject to this Agreement, which by law should be rendered for such taxes, and it shall pay all such taxes assessed thereon before they become delinquent. Operator shall bill all other parties for their proportionate share of all tax xxxments in the manner provided in Exhibit Two. If any tax assessment is considered unreasonable by Operator, it may at its discretion protest such valuation within the time and manner prescribed by law and prosecute the protest to a final determination, unless all parties agree to abandon the protest prior to final determination. When any such protested valuation shall have been finally determined, Operator shall pay the assessment for the joint account, together with interest and penalty accrued, and the total costs shall then be assessed against the parties, and be paid by them, as provided in Exhibit B.
Provision Concerning Taxation. Nothing in this agreement or in any of the exhibits attached hereto is intended to create or shall it be deemed to create a joint venture or a mining or other partnership of any kind, or to provide for or create any joint liability. White River Operating LLC will not be responsible for providing a tax opinion to the PARTICIPANT regarding any potential Intangible Drilling Cost (“IDC”) deductions realized by the PARTICIPANT. White River Operating LLC, will furnish documentation to the PARTICIPANT or the PARTICIPANT’S tax counsel upon request to allow them to determine if the PARTICIPANT is eligible for IDC deductions.
