TAX CHARACTERIZATION AND ADDITIONAL TAX TERMS. For federal income tax purposes, and to the extent applicable for state and local income and franchise tax purposes, it is intended that the Company be disregarded as an entity separate from the Member; provided, however, if it is determined that there are two or more members of the Company then it is intended that the Company be treated as a partnership for such purposes, and the Managing Member shall (i) file any information returns and reports and make any elections or take any other similar action required for the Company to be classified as a partnership for such purposes and (ii) act as the tax matters partner of the Company pursuant to Section 6231(a)(7) of the Code and applicable Tax Regulations. (a) Code shall mean the Internal Revenue Code of 1986. (b) Tax Regulations shall mean the federal income tax regulations promulgated by the United States Treasury Department under the Code as such Tax Regulations may be amended from time to time. All references herein to a specific section of the Tax Regulations shall be deemed also to refer to any corresponding provision of succeeding Tax Regulations.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Dvi Receivables Corp Viii), Operating Agreement (Dvi Receivables Corp Viii), Limited Liability Company Operating Agreement (Dvi Receivables Corp Viii)
TAX CHARACTERIZATION AND ADDITIONAL TAX TERMS. For federal income tax purposes, and to the extent applicable for state and local income and franchise tax purposes, it is intended that the Company be disregarded as an entity separate from the Member; provided, however, if it is determined that there are two or more members of the Company then it is intended that the Company be treated as a partnership for such purposes, and the Managing Member shall (i) file any information returns and reports and make any elections or take any other similar action required for the Company to be classified as a partnership for such purposes and (ii) act as the tax matters partner of the Company pursuant to Section 6231(a)(7) of the Code and applicable Tax Regulations.
(a) Code CODE shall mean the Internal Revenue Code of 1986.
(b) Tax Regulations TAX REGULATIONS shall mean the federal income tax regulations promulgated by the United States Treasury Department under the Code as such Tax Regulations may be amended from time to time. All references herein to a specific section of the Tax Regulations shall be deemed also to refer to any corresponding provision of succeeding Tax Regulations.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Dvi Receivables Corp Viii), Limited Liability Company Operating Agreement (Dvi Receivables Corp Viii), Limited Liability Company Operating Agreement (Dvi Receivables Corp Viii)
