Safe Harbor Election. Without any further action by the Managing Member or any other Member, the Company may make an election to value any Class B Units at liquidation value (the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with Treasury Regulations Section 1.83-3(1) and IRS Notice 2005-43. The Managing Member shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations under Treasury Regulations Section 1.704-1(b)(4)(xii)(c) and elections as to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Manning & Napier, Inc.), Limited Liability Company Agreement (Manning & Napier, Inc.)
Safe Harbor Election. Without any further action by the Managing Member Member, the Board or any other Member, the Company may make an election to value any Class B Units at liquidation value (the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with Treasury Regulations Section 1.83-3(1) and IRS Notice 2005-43. The Managing Member or the Board, as applicable, shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations under Treasury Regulations Section 1.704-1(b)(4)(xii)(c) and elections as to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Manning & Napier, Inc.), Limited Liability Company Agreement (Manning & Napier, Inc.)
Safe Harbor Election. Without any further action by the Managing Member or any other Member, the Company may make an election to value any Class B A Units or Incentive Units at liquidation value (the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with Treasury the finally promulgated successor rules to Proposed Regulations Section 1.83-3(1) and IRS Notice 2005-43. The Managing Member shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations under Treasury Proposed Regulations Section 1.704-1(b)(4)(xii)(c) and elections as to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election.
Appears in 1 contract
Samples: Limited Liability Company Agreement
Safe Harbor Election. Without any further action by the Managing Member Board or any other Member, the Company may make an election to value any Class B Incentive Units at liquidation value (the “Safe Harbor Election”) as the same may be permitted pursuant to or in accordance with Treasury the finally promulgated successor rules to Proposed Regulations Section 1.83-3(1) and IRS Notice 2005-43. The Managing Member Board shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations under Treasury Proposed Regulations Section 1.704-1(b)(4)(xii)(cl(b)(4)(xii)(c) and elections as to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election.
Appears in 1 contract
Samples: Limited Liability Company Agreement