Tax Basis Elections. In the event of a Transfer or a repurchase by the Company or Distribution of Company Property by the Company in exchange for all or part of the Interest of any Member, the Company may elect, pursuant to Section 754 of the Code (or any successor provision), to adjust the basis of the assets of the Company. Such election must be agreed to by Members holding at least two-thirds of the Voting Interests.
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Samples: Member Control Agreement (Lakes Gaming Inc), Member Control Agreement (Lakes Gaming Inc)
Tax Basis Elections. In the event of a Transfer transfer or a repurchase by the Company or Distribution of Company Property by the Company in exchange for all or part of the Interest of any Member, the Company may elect, pursuant to Code Section 754 of the Code (or any successor provision), to adjust the basis of the assets Property of the Company. Such election must be agreed to by Members holding at least two-thirds a majority of the Voting InterestsUnits.
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Samples: Limited Liability Company Agreement (WPT Enterprises Inc)
Tax Basis Elections. In the event of a Transfer or a repurchase by the Company or Distribution of Company Property by the Company in exchange for all or part of the Interest of any Member, the Company may elect, pursuant to Section 754 of the Code (or any successor provision), to adjust the basis of the assets of the Company. Such election must be agreed to by Members holding at least two-thirds of the Voting InterestsAppointing Members.
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Tax Basis Elections. In the event of a Transfer transfer or a repurchase by the Company or Distribution of Company Property by the Company in exchange for all or part of the Interest of any Member's Interest, the Company may elect, pursuant to Code Section 754 of the Code (or any successor provision), to adjust the basis of the assets of the CompanyCompany Property. Such election must be agreed to by Members holding at least two-thirds more than 75 percent (75%) of the Voting Interests.
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