Common use of Tax Elections and Returns Clause in Contracts

Tax Elections and Returns. (a) The Manager shall, without further consent of the Members being required, have the authority to make any and all elections for federal, state, and local tax purpose; provided that the Company shall affirmatively elect to be treated as a corporation, and not be classified as a partnership, for federal, state and local tax purposes. The taxable year shall be the Company’s fiscal year. (b) The Manager shall arrange for the preparation and timely filing of all tax returns required to be filed by the Company.