Section 754 Elections. The Manager shall elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s assets for (i) all Transfers of Membership Interests, and (ii) any distribution of Company property as described in Section 734 of the Code, if such election would benefit any Member or the Company.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Ashford Inc.), Limited Liability Company Agreement (Ashford Inc.), Limited Liability Company Agreement (Ashford Inc)
Section 754 Elections. The Manager shall Managing Member may elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s assets for (i) all Transfers transfers of Membership Interests, and (ii) any distribution of Company property as described in Section 734 of the Code, Interests if such election would benefit any Member or the Company.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Carter Validus Mission Critical REIT, Inc.)
Section 754 Elections. The Manager shall elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s assets for (i) all Transfers transfers of Membership Interests, and (ii) any distribution of Company property as described in Section 734 of the Code, if such election would benefit any Member or the Company.
Appears in 1 contract
