Common use of Tax Returns; Information Returns to Partners Clause in Contracts

Tax Returns; Information Returns to Partners. The Partnership shall prepare and timely file, or cause the accountants of the Partnership to prepare and timely file, all federal, state, and local income tax returns or other returns or statements required by applicable law. The Partnership shall, to the extent permitted by applicable law, elect or otherwise take such tax positions as the General Partner determines. The Limited Partners shall not take any position on their individual tax returns inconsistent with the reporting of tax items on the Partnership’s tax return. The Partnership shall use commercially reasonable efforts to provide (or cause to be provided) to each Partner and, to the extent necessary, to each former Partner (or its legal representatives), by April 15th of the calendar year immediately following the end of each Fiscal Year, or as soon as practicable thereafter, Internal Revenue Service Schedule K-1 with respect to such Fiscal Year (or substantially similar report setting forth in sufficient detail information which shall enable such Partner or former Partner (or its legal representatives) to prepare its federal income tax returns).

Appears in 6 contracts

Samples: Limited Partnership Agreement (Wealthcasa Capital Fund, LP), Limited Partnership Agreement (UC Asset LP), Limited Partnership Agreement (UC Asset LP)

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