Common use of Right to Make Section 754 Election Clause in Contracts

Right to Make Section 754 Election. The General Partner may, in its sole discretion, make or revoke, on behalf of the Partnership, an election in accordance with Section 754 of the Code, so as to adjust the basis of Partnership property in the case of a distribution of property within the meaning of Section 734 of the Code, and in the case of a transfer of a Partnership interest within the meaning of Section 743 of the Code. Each of the Partners shall, upon request of the General Partner, supply the information necessary to give effect to such an election.

Right to Make Section 754 Election. The General Partner may, in its sole discretion, make or revoke, on behalf of the Partnership, an election in accordance with Section 754 ss.754 of the Code, so as to adjust the basis of Partnership property in the case of a distribution of property within the meaning of Section 734 ss.734 of the Code, and in the case of a transfer of a Partnership interest within the meaning of Section 743 ss.743 of the Code. Each of the Partners shall, upon request of the General Partner, supply the information necessary to give effect to such an election.

Right to Make Section 754 Election. The General Partner Partners may, in its their sole discretion, make or revoke, on behalf of the Partnership, an election in accordance with Section § 754 of the Code, so as to adjust the basis of Partnership property in the case of a distribution of property within the meaning of Section § 734 of the Code, and in the case of a transfer of a Partnership interest within the meaning of Section § 743 of the Code. Each of the Partners shall, upon request of the General PartnerBoard, supply the information necessary to give effect to such an election.