Tax Audits/Special Assessments. If the federal tax return of either the Company or an individual Member with respect to an item or items of Company income, loss, deduction, etc., potentially affecting the tax liability of the Members generally is subject to an audit by the Internal Revenue Service, the Managers may, in the exercise of their business judgment, determine that it is necessary to contest proposed adjustments to such return or items. If such a determination is made, the Managers will finance the contest of the proposed adjustments out of the Net Cash From Operations.
Appears in 9 contracts
Samples: Operating Agreement (PJC Manchester Realty LLC), Operating Agreement (PJC Manchester Realty LLC), Operating Agreement (PJC Manchester Realty LLC)
Tax Audits/Special Assessments. If the federal tax return of either the Company or an individual Member with respect to an item or items of Company income, loss, deduction, etc., potentially affecting the tax liability of the Members generally is subject to an audit by the Internal Revenue Service, the Managers Manager may, in the exercise of their business judgment, determine that it is necessary to contest proposed adjustments to such return or items. If such a determination is made, the Managers Manager will finance the contest of the proposed adjustments out of the Net Cash From OperationsFlow.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (American Realty Capital Trust, Inc.)
