Common use of Special Basis Adjustments Clause in Contracts

Special Basis Adjustments. In the event of a transfer of all or any part of the interest of any Partner, including a transfer upon the death of a Partner, and a transfer of an interest pursuant to Article V, the Partnership, upon request of the transferor or transferee shall elect, pursuant to Section 754 of the Internal Revenue Code of 1954, as amended (or corresponding provisions of succeeding law), to adjust the basis of the Partnership's property. Notwithstanding anything contained in Article VI of this Agreement, any adjustments made pursuant to Section 754 shall affect only the successor in interest. Each Partner will furnish the Partnership with all information necessary to give effect to such election.

Special Basis Adjustments. In the event of a transfer of all or any part of the interest of any Partner, including a transfer upon the death of a Partner, and a transfer of an interest pursuant to Article V, the Partnership, upon request of the transferor or transferee shall elect, pursuant to Section 754 of the Internal Revenue Code of 19541986, as amended (or corresponding provisions of succeeding law), to adjust the basis of the Partnership's property. Notwithstanding anything contained in Article VI of this Agreement, any adjustments made pursuant to Section 754 shall affect only the successor in interest. Each Partner will furnish the Partnership with all information necessary to give effect to such election.

Special Basis Adjustments. In the event of a transfer of all or If any part of the interest Interest of any PartnerPartner is Transferred, including a transfer upon the death of a Partner, and a transfer Transfer of an interest Interest pursuant to Article VVII, the PartnershipPartnership may elect, upon request of in the transferor or transferee shall electGeneral Partner's sole discretion, pursuant to Section section 754 of the Internal Revenue Code of 1954, as amended (or corresponding provisions of succeeding law), ) to adjust the basis of the Partnership's propertyProperty. Notwithstanding anything contained in Article VI of this AgreementIX, any adjustments made pursuant to Section 754 section 743 of the Code shall affect only the successor in interestsuccessor-in-interest to the transferring Partner. Each Partner will furnish the Partnership with all information necessary to give effect to any such election.