Common use of Tax Audits/Special Assessments Clause in Contracts

Tax Audits/Special Assessments. If a tax return of any of the Company, an individual Member or a Parent Entity with respect to an item or items of Company income, loss, deduction, etc., potentially affecting any tax liability of the Members generally is subject to an audit by the Internal Revenue Service (or other similar governmental agency), the Managers may, in the exercise of their business judgment, determine that it is necessary to contest proposed adjustments to such return or items.

Tax Audits/Special Assessments. If a tax return of any of the Company, Company or an individual Member or a Parent Entity with respect to an item or items of Company income, loss, deduction, etc., potentially affecting any tax liability of the Members generally is subject to an audit by the Internal Revenue Service (or other similar governmental agency), the Managers General Manager may, in the exercise of their business judgment, determine that it is necessary to contest proposed adjustments to such return or items.