Tax Capital Accounts. The Tax Capital Account balance of each Holder shall be adjusted at the following times by the following amounts:
(a) increased daily by the adjusted tax bases of any Capital Contribution made by such Holder to the Trust;
(b) increased daily by the amount of Taxable Income and Tax- Exempt Income allocated to such Holder pursuant to Section 5.2 hereof at such times as the allocations are made under Section 5.2 hereof;
(c) decreased daily by the amount of cash distributed to the Holder pursuant to any of these procedures including any distribution made to effect a withdrawal or Redemption; and
(d) decreased by the amount of Tax Loss allocated to such Holder pursuant to Section 5.2 hereof at such times as the allocations are made under Section 5.2 hereof.
Tax Capital Accounts. Section 3.4 Compliance with Treasury Regulations 5 ARTICLE IV--Distributions of Cash and Assets
Tax Capital Accounts. 4 Section 3.4
Tax Capital Accounts. 4 Section 3.4 Compliance with Treasury Regulations . . . .
Tax Capital Accounts. A Tax Capital Account for the Partnership shall be established for each Partner. The initial balance of each Partner’s Tax Capital Account shall be the amount of its initial capital contribution to the Partnership less any applicable upfront charges. Each Partner’s Tax Capital Account shall be increased by the amount of (i) any additional capital contribution and (ii) the allocation to the Partner of Partnership profit (or items thereof) as provided in subparagraph (e) hereof, and shall be decreased by the amount of (i) money distributed to the Partner and the fair market value of property distributed to the Partner (net of liabilities securing such distributed property), (ii) the allocations to the Partner of expenditures of the Partnership described in Section 705(a)(2)(B) of the Code, and (iii) the allocations to the Partner of Partnership loss (or items thereof) as provided in subparagraph (e) hereof.
Tax Capital Accounts. 4 Section 3.4 Compliance with Treasury Regulations .........................................4 ARTICLE IV--Distributions of Cash and Assets --------------------------------
Tax Capital Accounts. (a) The Tax Capital Account for tax purposes for each Member shall:
(1) be increased by (i) the amount of money contributed by that Member to the Company, (ii) the fair market value of property contributed by that Member to the Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to that Member of Profits and any other Company income and gain (or items thereof), including income and gain exempt from tax and income and gain described in Treas. Reg. Section 1.704-1(b)(2)(iv)(g), and
(2) be decreased by (i) the amount of money distributed to that Member by the Company, (ii) the fair market value of property distributed to that Member by the Company (net of liabilities secured by the distributed property that the Member is considered to assume or take subject to under Section 752 of the Code), and (iii) for Class B Members only, allocations of Losses and any other Company loss and deduction (or items thereof), including loss and deduction described in Treas. Reg. Section 1.704-1(b)(2)(iv)(g).
(b) The Members’ Tax Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Treas. Reg. Section 1.704-1(b)(2)(iv)(f) and as required by the other provisions of Treas. Reg. Sections 1.704-1(b)(2)(iv) and 1.704-1(b)(4), including adjustments to reflect the allocations to the Members of depreciation, depletion, amortization, and gain or loss as computed for book purposes rather than the allocation of the corresponding items as computed for tax purposes, as required by Treas. Reg. Section 1.704-1(b)(2)(iv)(g). On the transfer or all or part of a Membership Interest, the Tax Capital Account of the transferor that is attributable to the transferred Membership Interest or part thereof shall carry over to the transferee Member in accordance with the provisions of Treas. Reg. Section 1.704-1(b)(2)(iv)(l).
Tax Capital Accounts. A capital account ("CAPITAL ACCOUNT") shall be established and maintained for each Partner. Each Partner's Capital Account shall be maintained in the following manner:
(a) To each Partner's Capital Account there shall be credited the amount of cash and the value as determined by the Partners of any asset contributed to the Partnership by such Partner (including assets which are part of a Sole Risk New System Project that is acquired by the Partnership pursuant to Section 4.9(d)), such Partner's distributive share of Profits, any items in the nature of income or gain which are specially allocated pursuant to SECTION 7.2 hereof, and the amount of any Partnership liabilities assumed by such Partner or which are secured by any asset of the Partnership distributed to such Partner.
(b) To each Partner's Capital Account there shall be debited the amount of cash and the value as determined by the Partners of any Partnership asset distributed to such Partner pursuant to any provision of this Agreement, such Partner's distributive share of Losses, any items in the nature of expenses or losses which are specially allocated pursuant to SECTIONS 7.2 AND 7.3, and the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership.
(c) In the event all or a portion of an interest in the Partnership is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest in the Partnership.
(d) In determining the amount of any liability for purposes of this definition of Capital Accounts, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations.
(e) The Partners agree that as of January 1, 1997, the balance in each Partner's Capital Account shall be as follows: DIGC $ 1,350,000.00 MMBGC 46,650,000.00 PDI 32,000,000.00 Centana 18,333,333.33 CNG 18,333,333.33 Coastal 18,333,333.33 The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts and allocations are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations.
Tax Capital Accounts. 5 2.4. Revaluation Accounts.............................5 ARTICLE III--Distributions.................................5 3.1. Distributions of Distributable Cash..............5 3.2. Division among Members...........................6 3.3. Distributions on Liquidation of the Fund.........6 3.4. Amounts Withheld.................................6 ARTICLE IV--Allocations....................................6 4.1. Allocations to Book Capital Accounts.............6 4.2. Allocations to Tax Capital Accounts..............6 4.3. Allocations to Revaluation Accounts..............7 4.4. Redemptions During the Fiscal Year...............8
Tax Capital Accounts. The balance of a Member's Tax Capital Account at any time in any Fiscal Year shall be the balance thereof on the first day of the Fiscal Year (or, if later, the date such Member acquired its Shares):
(a) increased by the amount of money and the adjusted basis, for federal income tax purposes, of any property contributed by such Member to the capital of the Fund (net of liabilities secured by such property that the Fund is considered to assume or to take subject to under Section 752 of the Code) with respect to such Member's Shares;
(b) increased by the amount of Taxable Income (including Recognized Gain) and Tax-Exempt Income allocated to such Member pursuant to Section 4.2 hereof;
(c) decreased by the amount of money and the adjusted basis, for federal income tax purposes, of any property distributed to such Member by the Fund (net of liabilities secured by such property that such Member is considered to assume or to take subject to under Section 752 of the Code), including any distribution to effect a withdrawal (determined under Section 732(a) of the Code) or Redemption (determined under Section 732 (b) of the Code); and
(d) decreased by the amount of Tax Loss (including Recognized Loss) allocated to such Member pursuant to Section 4.2 hereof.
