Common use of Tax Return and Tax Basis Capital Account Allocations Clause in Contracts

Tax Return and Tax Basis Capital Account Allocations. 6.2.1 Unless otherwise expressly provided in this Section 6.2, the allocations of the Partnership’s items of income, gain, loss, or deduction for tax return and tax basis capital account purposes shall follow the principles of the allocations under Section 6.1.

Tax Return and Tax Basis Capital Account Allocations. 6.2.1 (1) Unless otherwise expressly provided in this Section 6.25.5(b), the allocations of the Partnership’s 's items of income, gain, loss, or deduction for tax return Tax Return and tax basis capital account purposes shall follow the principles of the allocations under Section 6.15.5(a). However, the Partnership's gain or loss on the taxable disposition of a Partnership Asset in excess of the gain or loss under Section 5.5(a), if any, is allocated to the contributing Partner to the extent of such Partner's pre-contribution gain or loss.