Common use of Section 704(c) and Capital Account Revaluation Allocations Clause in Contracts

Section 704(c) and Capital Account Revaluation Allocations. The Members agree that, to the fullest extent possible with respect to the allocation of depreciation and gain for federal income tax purposes, Section 704(c) of the Code and Treasury Regulations Section 1.704-3(b) shall apply with respect to non-cash property contributed to the Company by any Member. For purposes hereof, any allocation of income, loss, gain or any item thereof to a Member pursuant to Section 704(c) of the Code shall affect only the Member’s tax basis in the Member’s Company interest and shall not affect the Member’s Capital Account. In addition to the foregoing, if Company assets are reflected in the Capital Accounts of the Members at a book value that differs from the adjusted tax basis of the assets (e.g., because of a revaluation of the Members’ Capital Accounts under Treasury Regulations § 1.704-1(b)(2)(iv)(f)), allocations of depreciation, amortization, income, gain or loss with respect to such property shall be made among the Members in a manner consistent with the principles of Section 704(c) of the Code, Treasury Regulations Section 1.704-3(b), and this Section 10.7.

Section 704(c) and Capital Account Revaluation Allocations. The Members agree that, that to the fullest extent possible with respect to the allocation of depreciation and gain for U.S. federal income tax purposes, Section 704(c) of the Code and Treasury Regulations Section 1.704-3(b) shall apply with respect to non-non - cash property contributed to the Company by any MemberMember using such allocation method under Treas. Reg. section 1.704 -3 as determined in the Board's discretion. For purposes hereof, any allocation of income, loss, gain or any item thereof to a Member pursuant to Section 704(c7 04(c) of the Code shall affect only the Member’s its tax basis in the Member’s Company interest its Percentage Interest and shall not affect the Member’s its Capital Account. In addition to the foregoing, if Company the Company's assets are reflected in the Capital Accounts of the Members at a book value that differs from the adjusted tax basis of the assets (e.g., because of a revaluation of the Members’ ' Capital Accounts under Treasury Regulations § §1.704-1(b)(2)(iv)(f)), allocations of depreciation, amortization, income, gain or loss with respect to such property shall be made among the Members in a manner consistent with the principles of Section 704(c) of the Code, Treasury Regulations Section 1.704-3(b), Code and this Section 10.78.8.

Section 704(c) and Capital Account Revaluation Allocations. The Members agree that, to the fullest extent possible with respect to the allocation of depreciation and gain for federal income tax purposes, Section 704(c) of the Code and Treasury Regulations Section 1.704-3(b) shall apply with respect to non-cash property contributed to the Company by any Member. For purposes hereof, any allocation of income, loss, gain or any item thereof to a Member pursuant to Section 704(c) of the Code shall affect only the Member’s tax basis in the Member’s Company interest and shall not affect the Member’s Capital Account. In addition to the foregoing, if Company assets are reflected in the Capital Accounts of the Members at a book value that differs from the adjusted tax basis of the assets (e.g., because of a revaluation of the Members’ Capital Accounts under Treasury Regulations § 1.704-1(b)(2)(iv)(f)), allocations of depreciation, amortization, income, gain or loss with respect to such property shall be made among the Members in a manner consistent with the principles of Section 704(c) of the Code, Treasury Regulations Section 1.704-3(b), and this Section 10.7subsection.

Section 704(c) and Capital Account Revaluation Allocations. The Members agree that, that to the fullest extent possible with respect to the allocation of depreciation and gain for U.S. federal income tax purposes, Section 704(c) of the Code and Treasury Regulations Section 1.704-3(b) shall apply with respect to non-non - cash property contributed to the Company by any MemberMember using such allocation method under Treas. Reg. section 1.704 -3 as determined in the Board’s discretion. For purposes hereof, any allocation of income, loss, gain or any item thereof to a Member pursuant to Section 704(c7 04(c) of the Code shall affect only the Member’s its tax basis in the Member’s Company interest its Percentage Interest and shall not affect the Member’s its Capital Account. In addition to the foregoing, if Company the Company’s assets are reflected in the Capital Accounts of the Members at a book value that differs from the adjusted tax basis of the assets (e.g., because of a revaluation of the Members’ Capital Accounts under Treasury Regulations § §1.704-1(b)(2)(iv)(f)), allocations of depreciation, amortization, income, gain or loss with respect to such property shall be made among the Members in a manner consistent with the principles of Section 704(c) of the Code, Treasury Regulations Section 1.704-3(b), Code and this Section 10.78.8.

Section 704(c) and Capital Account Revaluation Allocations. The Members agree that, that to the fullest extent possible with respect to the allocation of depreciation and gain for U.S. federal income tax purposes, Section 704(c) of the Code and Treasury Regulations Section 1.704-3(b) shall apply with respect to non-non­ cash property contributed to the Company by any MemberMember and accordingly agree that the Company shall elect the traditional allocation method of Treas. Reg. section 1.704-3(b). For purposes hereof, any allocation of income, loss, gain or any item thereof to a Member pursuant to Section 704(c) of the Code shall affect only the Member’s its tax basis in the Member’s Company interest its Percentage Interest and shall not affect the Member’s its Capital Account. In addition to the foregoing, if Company the Company’s assets are reflected in the Capital Accounts of the Members at a book value that differs from the adjusted tax basis of the assets (e.g., because of a revaluation of the Members’ Capital Accounts under Treasury Regulations § §1.704-1(b)(2)(iv)(f)), allocations of depreciation, amortization, income, gain or loss with respect to such property shall be made among the Members in a manner consistent with the principles of Section 704(c) of the Code, Treasury Regulations Section 1.704-3(b), Code and this Section 10.79.8.