Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as shall be approved by Member Consent. A Member shall be deemed to have consented to any tax elections made by the Tax Matters Partner if such Member shall not have objected in writing to such election as reflected in the initial tax return reflecting such election within fifteen (15) days after such return is received by such Member, indicating in reasonable detail the objection of such Member and the basis for such objection. Any disputes over tax elections shall be resolved by Member Consent.
Appears in 10 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (CNL Growth Properties, Inc.), Liability Company Agreement (CNL Growth Properties, Inc.)
Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as shall be approved by Member Consent. A Member shall be deemed to have consented to any tax elections election made by the Tax Matters Partner if (a) such election is described in reasonable detail in a written notice to such Member and (b) such Member shall not have objected in writing to such election as reflected in the initial tax return reflecting such election within fifteen (15) days after such return is received by following such Member’s receipt of such notice, indicating in reasonable detail the objection of such Member and the basis for such objection. Any disputes over tax elections shall be resolved by Member Consent.
Appears in 5 contracts
Samples: Limited Liability Company Agreement (CNL Growth Properties, Inc.), Limited Liability Company Agreement (CNL Growth Properties, Inc.), Limited Liability Company Agreement (CNL Growth Properties, Inc.)
Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as shall be approved by Member Consent. A Member shall be deemed to have consented to any tax elections election made by the Tax Matters Partner if (i) such election is described in reasonable detail in a written notice to such Member and (ii) such Member shall not have objected in writing to such election as reflected in the initial tax return reflecting such election within fifteen (15) days after such return is received by following such Member’s receipt of such notice, indicating in reasonable detail the objection of such Member and the basis for such objection. Any disputes over tax elections shall be resolved by Member Consent.
Appears in 1 contract
Samples: Limited Liability Company Agreement (CNL Growth Properties, Inc.)
