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.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Black Ridge Oil & Gas, Inc.), Limited Liability Company Agreement (Global Clean Energy Holdings, Inc.), Limited Liability Company Agreement (Global Clean Energy Holdings, Inc.)
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” gain under Section 1(h)(6) of the Code, then the principles of such Treasury Regulations shall apply.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Global Clean Energy Holdings, Inc.)
