Common use of Tax Items Clause in Contracts

Tax Items. Except as otherwise provided herein, any allocation to a Partner of a portion of the Net Profits, Net Losses or items of income, gain, loss or deduction for a Fiscal Year shall be deemed to be an allocation to that Partner of the same proportionate part of each item of income, gain, loss, deduction or credit that is earned, realized or available by or to the Partnership for Federal income tax purposes. In addition, all items of gain or loss recognized from the sale, exchange or other disposition of Securities (including closing a position or determining a security worthless) in any tax period will generally be allocated among the Partners, so that to the extent possible, consistent with a fair allocation of such items of gain or loss among all of the Partners, each Partner’s gain or loss for tax purposes is equal to the amount of gain or loss allocated to his Capital Account in respect of such transactions.

Tax Items. Except as otherwise provided herein, any allocation to a Partner of a portion of the Net Profits, Net Losses or items of income, gain, loss or deduction for a Fiscal Year shall be deemed to be an allocation to that Partner of the same proportionate part of each item of income, gain, loss, deduction or credit that is earned, realized or available by or to the Partnership for Federal income tax purposes. In addition, all items of gain or loss recognized from the sale, exchange or other disposition of Securities investments (including closing a position or determining a security worthless) in any tax period will generally be allocated among the Partners, so that to the extent possible, consistent with a fair allocation of such items of gain or loss among all of the Partners, each Partner’s gain or loss for tax purposes is equal to the amount of gain or loss allocated to his Capital Account in respect of such transactions.

Tax Items. Except as otherwise provided herein, any allocation to a Partner of a portion of the Net Profits, Net Losses or items of income, gain, loss or deduction for a Fiscal Year shall be deemed to be an allocation to that Partner of the same proportionate part of each item of income, gain, loss, deduction or credit that is earned, realized or available by or to the Partnership for Federal income tax purposes. In addition, all items of gain or loss recognized from the sale, exchange or other disposition of Securities Investments (including closing a position or determining a security an Investment worthless) in any tax period will generally be allocated among the Partners, so that to the extent possible, consistent with a fair allocation of such items of gain or loss among all of the Partners, each Partner’s gain or loss for tax purposes is equal to the amount of gain or loss allocated to his Capital Account in respect of such transactions.