Common use of Required Company Elections Clause in Contracts

Required Company Elections. The Company shall make the following elections for all partnership income tax returns: (i) to use the accrual method of accounting. (ii) to use as its taxable year the calendar year ending December 31 (and each Member represents for this purpose that its taxable year ends on December 31); (iii) to deduct currently all development expenses to the extent possible under Section 616(a) of the Code or, at the election of the Management Committee, to defer such expenses under Section 616(b) of the Code; (iv) unless the Members unanimously agree otherwise, to compute the allowance for depreciation for all depreciable Assets using the 150% declining balance method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation; (v) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by Law; (vi) to make an election to adjust the basis of Company property with respect to a Member under Section 754 of the Code at the request of the Member; and (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under Sections 195 and 709 of the Code.

Required Company Elections. The Company shall make the following elections for all partnership income tax returns: (i) to use the accrual method of accounting. (ii) to use as its taxable year the calendar year ending December 31 (and each Member represents for this purpose that its taxable year ends on December 31)unless section 706 of the Code requires otherwise; (iii) unless the Members unanimously agree otherwise, to deduct currently all development expenses to the extent possible under Section section 616(a) of the Code or, at the election of the Management Committee, to defer such expenses under Section section 616(b) of the Code; (iv) unless the Members unanimously agree otherwise, to compute the allowance for depreciation for all eligible depreciable Assets using the 150% declining balance method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation; (v) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by Law; (vi) to make an election to adjust the basis of Company property with respect to a Member under Section section 754 of the Code at the request of the Member, which request must be made to the TMP within 30 days of the sale or exchange in accordance with Treasury Reg. section 1.743-1(k)(2); and (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under Sections sections 195 and 709 of the Code.

Required Company Elections. The Company shall make the following elections for all partnership income tax returns: (ia) to use the accrual method of accounting. (iib) to use as its taxable year the calendar year ending December 31 (and each Member represents for this purpose that its taxable year ends on December 31); (iiic) to deduct currently defer all development expenses to the extent possible under Section 616(a616(b) of the Code or, at the election of the Management CommitteeBoard of Managers, to defer deduct currently such expenses under Section 616(b616(a) of the Code; (ivd) unless the Members unanimously agree otherwise, to compute the allowance for depreciation for all depreciable Assets assets using the 150% declining balance method and the shortest life permissible or, at the election of the ManagerBoard of Managers, using the units of production method of depreciation; (ve) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by Lawlaw; (vif) to make an election to adjust the basis of Company property with respect to a Member under Section 754 of the Code at the request of the Member; and (viig) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under Sections 195 and 709 of the Code.