Tax Elections; Special Basis Adjustments. (a) The General Partner shall act as or appoint the “partnership representative” within the meaning of Section 6223(a) of the Code (the “Partnership Representative”) and the equivalent for applicable state and local tax purposes. As Partnership Representative, the General Partner (or its appointee) shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Partnership Representative. The General Partner (or its appointee) shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner (or its appointee) on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses.
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Samples: Limited Partnership Agreement (Jones Lang LaSalle Income Property Trust, Inc.), Limited Partnership Agreement (Jones Lang LaSalle Income Property Trust, Inc.), Limited Partnership Agreement (Jones Lang LaSalle Income Property Trust, Inc.)
