Recapture Items. In the event that the Company has taxable income that is characterized as ordinary income under the recapture provisions of the Code, each Member’s distributive share of taxable gain or loss from the sale of Company assets (to the extent possible) shall include a proportionate share of this recapture income equal to that Member’s share of prior cumulative depreciation deductions with respect to the assets which gave rise to the recapture income.
Recapture Items. In the event that the Fund has taxable income in any Fiscal Year that is characterized as ordinary income under the recapture provisions of the Code, each Member's distributive share of taxable gain or loss from the sale of Fund assets (to the extent possible) will include a proportionate share of this recapture income equal to that Member's share of prior cumulative depreciation deductions with respect to the assets which gave rise to the recapture income.
Recapture Items. In the event that the Fund has taxable income in any Fiscal Year that is characterized as ordinary income under the recapture provisions of the Code, each Member's distributive share of taxable gain or loss from the sale of Fund assets (to the extent possible) will include a proportionate share of this recapture income equal to that Member's share of prior cumulative depreciation deductions with respect to the assets which gave rise to the recapture income. Tax Credits and Similar Items. Allocations of tax credits, tax credit recapture, and any items related thereto will be allocated in those items as determined by the Manager considering the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).
Recapture Items. In the event that the Company has taxable income that is characterized as ordinary income under the recapture provisions of the Code, then Sections 1.1245-1(e) and 1.1250-1(f) of the Treasury Regulations shall apply, and in the event that the Company has taxable income that is characterized as “unrecaptured Section 1250 gain” under Section 1(h)(6) of the Code, then the principles of such Treasury Regulations shall apply.
Recapture Items. Any portion of any income or gain attributable to the sale or other disposition of any depreciable Company Property required to be recaptured as ordinary income shall, to the maximum extent possible in accordance with Section 704 of the Code and the Regulations thereunder, be allocated among the Members for tax purposes in the same ratio as the deductions giving rise to such recapture were allocated. Any recapture of tax credit shall be allocated among the Members in accordance with Reg. ss. 1.704-1(b)(4)(ii).
Recapture Items. Notwithstanding any other provisions of this Agreement, if the Company realizes gain from the sale or other disposition of any asset owned by the Company or any pass through Entity in which the Company holds an interest which is required to be treated as ordinary income under the depreciation recapture provisions of the Code (“Recapture Income”), then any such gain shall be allocated to the Members, even though such allocation is not in accordance with the Company Interests at the time the gain is realized. Any portion of the gain realized as a result of the event is allocated in accordance with Company Interests or in accordance with Section 6.4 hereof, if applicable.
Recapture Items. In making allocations among the Members of any Company gain, the ordinary income portion, if any, of such gain caused by the recapture of cost recovery or other deductions shall be allocated among those Members who (or whose predecessors) were previously allocated the cost recovery or other deductions in proportion to the amount of such deductions previously allocated to them. It is intended that the Members shall bear the burden of recapture caused by cost recovery or other deductions that were previously allocated to them or their predecessors in proportion to the amount of such cost recovery or other deductions that were allocated to them, notwithstanding that the Members’ Percentage Interests may increase or decrease from time to time. Nothing in this paragraph, however, shall cause the Members to be allocated more or less gain than would otherwise be allocated to them pursuant to Sections 7.5 and 7.6.
Recapture Items. In the event that the Company has taxable income that is characterized as ordinary income under the recapture provisions of the Code, each Economic Interest Holder's distributive share of taxable gain or loss from the sale of Company assets (to the extent possible) shall include a proportionate share of this recapture income equal to that Economic Interest Holder's share of prior cumulative depreciation deductions with respect to the assets which gave rise to the recapture income.
Recapture Items. For purposes of determining the nature (as ordinary or capital) of any item of income or gain allocated among the Members for Federal income tax purposes, the portion of such profit required to be recognized as ordinary income pursuant to Sections 1245 and/or 1250 of the Code shall be deemed to be allocated among the Members in the same proportion that they were allocated and claimed the Tax Depreciation deductions, or basis reductions, directly or indirectly giving rise to such treatment under Sections 1245 and/or 1250 of the Code, but each Member shall be allocated recapture only to the extent that such Member is allocated any taxable gain from the sale or other disposition of such property. The balance of such recapture, if any, shall be allocated to the Members whose share of taxable gain exceeds their share of such recapture ("excess gain"), and such balance shall be allocated between such Members in the proportion in which the excess gain of such Member bears to the excess gains of all Members.
Recapture Items. In making any allocation among the Members of income or gain from the sale or other disposition of a company asset, the ordinary income portion, if any, of such income and gain resulting from the recapture of cost recovery or other deductions shall be allocated among those Members who were previously allocated (or whose predecessors-in-interest were previously allocated) the cost recovery deductions or other deductions resulting in the recapture items, in proportion to the amount of such cost recovery deductions or other deductions previously allocated to them.
