Simulated Depletion Clause Samples

Simulated Depletion. Simulated Depletion with respect to each Depletable Property shall be allocated to the Members in the same proportion that the Members (or their predecessors in interest) were allocated the Simulated Basis of such property. For purposes of such computation, the Simulated Basis of each Depletable Property shall be allocated to each Member in accordance with such Member’s Capital Interest Percentage as of the time such Depletable Property is acquired by the Company, and shall be reallocated among the Members in accordance with the Members’ Capital Interest Percentages as determined immediately following the occurrence of an event giving rise to an adjustment to the Carrying Values of the Company’s Depletable Properties pursuant to clause (ii) of the definition of Carrying Value. For purposes of computing Simulated Depletion, the Company shall apply the simulated cost depletion method under Treasury Regulation Section 1.704-1(b)(2)(iv)(k)(2).
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Simulated Depletion. For purposes of maintaining Capital Accounts only, the Joint Venture shall compute a “simulated” depletion allowance. The Joint Venture shall calculate this “simulated” depletion allowance on each property using the method, cost or percentage, that produces the greatest allowance and without regard to limitations to which any individual Venturer may be subject. The Joint Venture shall make its choice between the simulated cost depletion method and the simulated percentage depletion method on a property-by-property basis.
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Simulated Depletion. (i) Depletion allowances with respect to each separate oil and gas “property” (as that term is defined in Section 614 of the Code) shall be computed separately by each tax partner based on such tax partner’s allocated share of the adjusted basis of each such oil and gas property. Each tax partner’s allocated share of the adjusted basis of each such oil and gas property initially shall be determined based on such tax partner’s respective contributions to such adjusted basis. Thereafter, each tax partner shall separately keep records of such tax partner’s share of the adjusted basis in each such oil and gas property, adjust such share of the adjusted basis for any cost or percentage depletion allowable on such property, and use such adjusted basis in the computation of such tax partner’s gain or loss on the disposition of such property. (ii) Notwithstanding the foregoing, however, solely for purposes of maintaining each tax partner’s capital account in accordance with the capital accounting rules contained in Section 1.704-1(b)(2)(iv) of the Regulations, the tax partnership shall compute simulated depletion allowances, and the Operator shall, in its sole discretion, select between the cost depletion method and the percentage depletion method (without regard to the limitations of Code Section 613A), with respect to each separate oil and gas property at the partnership level and the tax partnership shall thereafter make downward adjustments to the capital accounts of the tax partners for the simulated depletion allowances with respect to each such oil and gas property, in the same proportion as such tax partners are properly allocated the adjusted basis of each such property (pursuant to the second sentence of Section 6(d)(i) of this Exhibit), all in accordance with the rules contained in Section 1.704-1(b)(2)(iv)(k)(2) of the Regulations. In no event shall the Partnership’s aggregate simulated depletion allowance with respect to an oil and gas property exceed the tax partnership’s adjusted basis in the oil and gas property (maintained solely for capital account purposes).
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Simulated Depletion. Simulated Depletion for each Depletable Property, and Simulated Loss upon the disposition of a Depletable Property, shall be allocated among the Members in proportion to their shares of the Simulated Basis in such property.
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Simulated Depletion. For purposes of computing Simulated ------------------- Depletion, Simulated Gain and Simulated Loss with respect to properties subject to Section 613A(c)(7)(D) of the Code, Simulated Basis shall be allocated between the Members in the same proportions as their Sharing Ratios.
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Related to Simulated Depletion

  • Depreciation The Company treats Memorabilia and Collectibles assets as collectible and therefore will not depreciate or amortize the SERIES #JimmieFoxx1938Bat going forward. Series Designation of #MANTLE57AUTOBAT, a series of Collectable Sports Assets, LLC Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Collectable Sports Assets, LLC, as in effect as of the effective date set forth below (the “Agreement”). References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement. Name of Series #MANTLE57AUTOBAT, a series of Collectable Sports Assets, LLC, a Delaware limited liability company Date of establishment May 7, 2021 Managing Member CS Asset Manager, LLC, a Delaware limited liability company, is appointed as the Managing Member of #MANTLE57AUTOBAT with effect from the effective date hereof and shall continue to act as the Managing Member of #MANTLE57AUTOBAT until dissolution of #MANTLE57AUTOBAT pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. Initial Member CS Asset Manager, LLC, a Delaware limited liability company Series Asset The Series Assets of #MANTLE57AUTOBAT shall comprise the asset as further described in Schedule 1 attached hereto, which will be acquired by #MANTLE57AUTOBAT through that certain Consignment Agreement dated as of May 6, 2021, as it may be amended from time to time, and any assets and liabilities associated with such asset and such other assets and liabilities acquired by #MANTLE57AUTOBAT from time to time, as determined by the Managing Member in its sole discretion. Asset Manager CS Asset Manager, LLC, a Delaware limited liability company. Management Fee As stated in Section 7.1 of the Agreement. Issuance Subject to Section 6.3(a)(i), the maximum number of #MANTLE57AUTOBAT Interests the Company can issue may not exceed the purchase price, in the aggregate, of $200,000. Number of #MANTLE57AUTOBAT Interests held by the Managing Member and its Affiliates The Managing Member must purchase a minimum of 0.5% and may purchase additional #MANTLE57AUTOBAT Interests (including in excess of 10%), in its sole discretion, through the Offering. Broker Dalmore Group, LLC, a New York limited liability company. Brokerage Fee Up to 1.00% of the gross proceeds of the Interests from #MANTLE57AUTOBAT sold at the Initial Offering of the #MANTLE57AUTOBAT Interests (excluding the #MANTLE57AUTOBAT Interests acquired by any Person other than Investor Members). Other rights Holders of #MANTLE57AUTOBAT Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #MANTLE57AUTOBAT Interests. Officers There shall initially be no specific officers associated with #MANTLE57AUTOBAT, although, the Managing Member may appoint Officers of #MANTLE57AUTOBAT from time to time, in its sole discretion. Aggregate Ownership Limit As stated in Section 1.1. Minimum Interests One (1) Interest per Member.

  • Section 704(c) Allocations Notwithstanding Section 6.5.A hereof, Tax Items with respect to Property that is contributed to the Partnership with an initial Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. With respect to Partnership Property that is contributed to the Partnership in connection with the General Partner’s initial public offering, such variation between basis and initial Gross Asset Value shall be taken into account under the “traditional method” as described in Regulations Section 1.704-3(b). With respect to other Properties, the Partnership shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner; provided, however, that the “traditional method” as described in Regulations Section 1.704-3(b) shall be used with respect to Partnership Property that is contributed to the Partnership in connection with the General Partner’s initial public offering. Allocations pursuant to this Section 6.5.B are solely for purposes of Federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement.

  • Curative Allocation (A) Notwithstanding any other provision of this Section 6.1, other than the Required Allocations, the Required Allocations shall be taken into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of income, gain, loss and deduction allocated to each Partner pursuant to the Required Allocations and the Agreed Allocations, together, shall be equal to the net amount of such items that would have been allocated to each such Partner under the Agreed Allocations had the Required Allocations and the related Curative Allocation not otherwise been provided in this Section 6.1. Notwithstanding the preceding sentence, Required Allocations relating to (1) Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in Partnership Minimum Gain and (2) Partner Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in Partner Nonrecourse Debt Minimum Gain. Allocations pursuant to this Section 6.1(d)(xi)(A) shall only be made with respect to Required Allocations to the extent the General Partner determines that such allocations will otherwise be inconsistent with the economic agreement among the Partners. Further, allocations pursuant to this Section 6.1(d)(xi)(A) shall be deferred with respect to allocations pursuant to clauses (1) and (2) hereof to the extent the General Partner determines that such allocations are likely to be offset by subsequent Required Allocations. (B) The General Partner shall, with respect to each taxable period, (1) apply the provisions of Section 6.1(d)(xi)(A) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations pursuant to Section 6.1(d)(xi)(A) among the Partners in a manner that is likely to minimize such economic distortions.

  • Curative Allocations The allocations set forth in Sections 6.4.A(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.