Tax Status Income and Deductions. It is the intention of the Partnership and the Partners that the Partnership be treated as a disregarded entity for federal and all relevant state tax purposes and neither the Partnership nor the Partners shall take any action or make any election which is inconsistent with such tax treatment. All provisions of this Agreement are to be construed so as to preserve the Partnership’s tax status as a disregarded entity. All items of income, gain, loss, deduction and credit of the Partnership (including, without limitation, items not subject to federal or state income tax) shall be treated for federal and all relevant state income tax purposes as items of income, gain, loss, deduction and credit of the Limited Partner.
Tax Status Income and Deductions
