Revaluations. If the Book Value of any property is adjusted pursuant to Section 2.04(d)(ii) of this Agreement, income, gain, loss and deduction with respect to such property shall be allocated among the Members so as to take account of any variation between the adjusted basis of such property for federal income tax purposes and its Book Value in the same manner as under §704(c) of the Code and the Regulations thereunder.
Appears in 2 contracts
Samples: Operating Agreement (Hallmark Financial Services Inc), Operating Agreement (Hallmark Financial Services Inc)
Revaluations. If the Book Value of any Company property is ------------ adjusted pursuant to Section 2.04(d)(ii2.4.4(b) of this Agreement, income, gain, loss and deduction with respect to such property shall be allocated among the Members so as to take account of any variation between the adjusted basis of such property for federal income tax purposes and its Book Value in the same manner as under §(S) 704(c) of the Code and the Regulations thereunder.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Pacific Aerospace & Electronics Inc), Limited Liability Company Agreement (Pacific Aerospace & Electronics Inc)
Revaluations. If the Book Value of any Company property is adjusted pursuant to Section 2.04(d)(ii2.4.4(b) of this Agreement, income, gain, loss and deduction with respect to such property shall be allocated among the Members so as to take account of any variation between the adjusted basis of such property for federal income tax purposes and its Book Value in the same manner as under §704(css.704(c) of the Code and the Regulations thereunder.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Cross Media Marketing Corp)
