Provisional Allocation. If any amount claimed by the Company to constitute a deductible expense in any Fiscal Year is treated by any Federal, state or local taxing authority as a payment made to a Member in such Member's capacity as a member of the Company for income tax purposes, with regard to such authority, items of income and gain of the Company for such Fiscal Year shall first be allocated to such member to the extent of such payment.
Appears in 4 contracts
Samples: Operating Agreement (Freedom Securities Corp /De/), Operating Agreement (Freedom Securities Corp /De/), Operating Agreement (Freedom Securiteis Corp /De/)