Tax Depreciation and Elections. A. With respect to all depreciable assets of the Partnership, the General Partner may, in its sole discretion, elect to use such depreciation method for Federal tax purposes as it deems appropriate and in the best interest of the Partners generally. B. The General Partner may, in its sole and absolute discretion, make an election under section 754 of the Code and shall make such other tax elections under Federal, state, or local law as it may from time to time deem necessary or appropriate.
Appears in 3 contracts
Samples: Agreement of Limited Partnership (Fairfield Inn by Marriott LTD Partnership), Agreement of Limited Partnership (Marriott Diversified American Hotels L P), Limited Partnership Agreement (Fairfield Inn by Marriott LTD Partnership)
Tax Depreciation and Elections. A. With respect to all depreciable assets of the Partnership, the General Partner may, in its sole discretion, elect to use such depreciation method for Federal tax purposes as it deems appropriate and in the best interest of the Partners generally.
B. The General Partner may, shall be permitted in its sole and absolute discretion, any Fiscal Year to make an election under section 754 of the Code and shall make such other tax elections under Federal, state, or local law as it may from time to time deem necessary or appropriate.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Desert Springs Marriott Limited Partnership), Agreement of Limited Partnership (Hanover Marriott Limited Partnership)
Tax Depreciation and Elections. A. With respect to all depreciable assets of the Partnership, the General Partner may, in its sole discretion, elect to use such depreciation method for Federal tax purposes as it deems appropriate and in the best interest of the Partners generally.
B. The General Partner may, shall be permitted in its sole and absolute discretion, any Fiscal Year to make an election under section 754 of the Code and shall make such other tax elections under Federal, state, state or local law as it may from time to time deem necessary or appropriate.
Appears in 1 contract
Samples: Limited Partnership Agreement (Marriott Hotel Properties Ii Limited Partnership)
