Tax Accounting Methods; Periods; Elections. The Company shall keep its financial accounting records utilizing the accounting methods and procedures determined by the Managers. The determination of whether to utilize the cash or accrual method of accounting, whether to utilize accelerated cost recovery or another method of depreciation, and the selection among any other allowable, alternative tax accounting methods or principles shall be made by the Managers. The Company’s annual financial accounting and tax accounting period shall be the calendar year, unless another accounting period is required by the Code. The Managers may cause the Company to make or refrain from making any election allowable to the Company under the Code.
Tax Accounting Methods; Periods; Elections. (a) The determination of whether to utilize accelerated cost recovery or another method of cost recovery or depreciation, and the selection among any other allowable, alternative tax accounting methods or principles shall be made by the Managing Member and shall be those methods and principles which are determined by them to be appropriate. The Company’s annual financial accounting and tax accounting period shall be the calendar year except as otherwise required by Section 706 of the Code. Subject to the REIT Covenants, the Managing Member may cause the Company to make any election allowable to the Company under the Code, including elections under Section 754 of the Code with respect to the Company distributions described in Section 734 of the Code and with respect to transfers of interests described in Section 743 of the Code, provided all such elections are determined by the Managing Member, in its sole discretion, to be in the best interest of the Members holding a majority of the Units; provided, however, that the Managing Member shall not be required to make an election under Section 754 of the Code, and neither the Company nor the Managing Member shall be held responsible or liable for the failure to make such election. In the event such election is made, all costs and expenses incurred by the Managing Member and the Company in connection with such election, including the fees and expenses of the Company’s accountants and tax advisers, shall be borne by the transferee making such request.
(b) The Members intend that, for U.S. federal, state and local income tax purposes, each Preferred Member’s Preferred Units shall be treated as partnership interests entitled to guaranteed payments under Section 707(c) of the Code, as contemplated in Section 3.1(c). The Members agree to take all actions, including the amendment of this Agreement and the execution of other documents, as may be required to qualify for and receive the treatment described in the preceding sentence.
Tax Accounting Methods; Periods; Elections. The Partnership shall keep its financial accounting records utilizing the same methods used to report its Income and Losses for income tax purposes. Unless otherwise provided in this Agreement, the determination of whether to utilize the cash or accrual method of accounting, whether to utilize accelerated cost recovery or another method of depreciation, and the selection among any other allowable, alternative tax accounting methods or principles shall be made by the Management Committee and shall be those methods and principles which are determined by her to be in the best interests of the Partners. The Partnership’s annual financial accounting and tax accounting period shall be the calendar year, unless another accounting period is required by the Code. The Management Committee may cause the Partnership to make any election allowable to the Partnership under the Code, including elections under Code Section 754 with respect to Partnership distributions described in Code Section 734 and with respect to transfers of Partnership Interests described in Code Section 743.
Tax Accounting Methods; Periods; Elections. The Company’s annual financial accounting and tax accounting period shall be based upon a fiscal year ending December 31 of each year, unless another accounting period is required by the Code. The Managers may cause the Company to make or refrain from making any election allowable to the Company under the Code, including elections under Section 754 of the Code with respect to Company distributions described in Section 734 of the Code and with respect to transfers of Interests described in Section 743 of the Code. MedCath shall have the administrative responsibility for handling such tax matters on behalf of the Company and pursuant to Section 11.11 herein, shall serve as the “Tax Matters Partner” of the Company. MedCath may relinquish such responsibility upon written notice to the Company and in such event the Managers shall appoint another “Tax Matters Partner.”
Tax Accounting Methods; Periods; Elections. The Fund shall keep its financial accounting records (and the audited financial statements shall be prepared) utilizing the same methods used to report its income for income tax purposes. Unless otherwise provided in this Agreement, the determination of whether to utilize the cash or accrual method of accounting, whether to utilize accelerated cost recovery or another method of depreciation, and the selection among any other allowable, alternative tax accounting methods or principles shall be made by the Managers and shall be those methods and principles which are determined by it to be in the best interests of the Fund. The Fund's annual financial accounting and tax accounting period shall be the calendar year, unless another accounting period is required by the Code. The Managers may cause the Fund to make any election allowable to the Fund under the Code, including elections under Section 754 of the Code with respect to Fund distributions described in Section 734 of the Code and with respect to transfers of Fund Interests described in Section 743 of the Code.
Tax Accounting Methods; Periods; Elections. The Company shall keep its financial accounting records utilizing such methods as may be selected by the Managers from time to time. The determination of whether to utilize accelerated cost recovery or another method of cost recovery or depreciation, and the selection among any other allowable, alternative tax accounting methods or principles shall be made by the Managers, in their sole discretion. The Company’s annual financial accounting and tax accounting period shall be selected by the Member. The Managers may cause the Company to make any election allowable to the Company under the Code.
