Common use of Tax Status, Reports, and Allocations Clause in Contracts

Tax Status, Reports, and Allocations. (a) Notwithstanding any provision contained in this Agreement to the contrary, solely for federal income tax purposes, each of the Partners hereby recognizes that the Partnership will be subject to all provisions of Subchapter K of the Code; provided, however, that the filing of United States Partnership Returns of Income shall not be construed to extend the purposes of the Partnership or expand the obligations or liabilities of the Partners. (b) The General Partner or, at its discretion, an accountant ("Accountant") selected by the General Partner shall prepare or cause to be prepared all tax returns and statements, if any, that must be filed on behalf of the Partnership with any taxing authority and shall timely file such returns or statements. (c) For accounting and federal and (if any) state income tax purposes, all income, deductions, credits, gains and losses shall be allocated to the Partners pro rata in accordance with their respective Percentage Interests. (d) Notwithstanding subsection (c) above, any loss or deductions attributable to any Partnership recourse liability (as defined in Regulations Section 1.752-1(a)(i)) ("Recourse Debt") must be specially allocated to any Partner who bears the economic risk of loss with respect to the Recourse Debt to which such loss or deductions are attributable. If any allocations are made to any Partner pursuant to the foregoing sentence, then after any allocations required by Sections 4.04 and 4.05 hereof have been made but prior to allocations pursuant to Section 4.03(c), income shall be allocated to such Partner until on a cumulative basis an aggregate amount of income equal to such cumulative deductions and losses has been allocated to each such Partner.

Tax Status, Reports, and Allocations. (a) The Partnership has elected to be classified as an association taxable as a corporation for federal income tax purposes. Notwithstanding any provision contained in this Agreement to the contrary, solely for federal income tax purposes, each of the Partners hereby recognizes that the Partnership will not be classified as a partnership for federal income tax purposes and, therefore, will not be subject to all provisions the provision of Subchapter K of the Code; provided, however, that the filing of United States Partnership Returns of Income shall not be construed to extend the purposes of the Partnership or expand the obligations or liabilities of the Partners. (b) The General Partner or, at its discretion, an accountant ("Accountant") selected by the General Partner shall prepare or cause to be prepared all tax returns and statements, if any, that must be filed on behalf of the Partnership with any taxing authority and shall timely file such returns or statements. (c) For accounting and federal and state (if any) state income tax purposes, all income, gains, losses, deductions, credits, gains and losses credits of the Partnership for each Accounting Period shall be allocated to among the Partners pro rata PRO RATA in accordance with their respective Percentage Interests. (d) Notwithstanding subsection If applicable for accounting and state (cif any) aboveincome tax purposes, the tax allocations made in accordance with Sections 4.03(e), 4.04(b), and 4.04(c) (collectively, the "Regulatory Allocations") shall be taken into account in allocating, for tax purposes, items of income, gain, loss, deduction, and credit among the Partners so that, to the extent possible, the net amount, when taken together, of such allocations of income, gain, loss, deduction, and credit and the Regulatory Allocations made to each Partner shall be equal to the amount that would have been allocated to each such Partner if the Regulatory Allocations had not occurred. (e) If applicable for accounting and state (if any) income tax purposes, any loss or deductions attributable to any Partnership recourse liability (as defined in Regulations Section 1.752-1(a)(i1(a)(1)) ("Recourse Debt") must be specially allocated to any Partner who bears the economic risk of loss with respect to the Recourse Debt to which such loss or deductions are attributable. If any allocations are made to any Partner pursuant to the foregoing sentence, then the after any allocations required by Sections Section 4.04 and 4.05 hereof have been made but prior to allocations pursuant to Section 4.03(c4.03(b), income shall be allocated to such Partner until on a cumulative basis an aggregate amount of income equal to such cumulative deductions and losses has been allocated to each such Partnerpartner.

Tax Status, Reports, and Allocations. (a) Notwithstanding any provision contained in this Agreement to the contrary, solely for federal income tax purposes, each of the Partners hereby recognizes that the Partnership will be subject to all provisions of Subchapter K of the Code; provided, however, that the filing of United States Partnership Returns of Income shall not be construed to extend the purposes of the Partnership or expand the obligations or liabilities of the Partners. (b) The General Partner or, at its discretion, an accountant ("Accountant") selected by the General Partner shall prepare or cause to be prepared all tax returns and statements, if any, that must be filed on behalf of the Partnership with any taxing authority and shall timely file such returns or statements. (c) For accounting and federal and (if any) state income tax purposes, all income, deductions, credits, gains and losses shall be allocated to the Partners pro rata in accordance with their respective Percentage Interests. (d) Notwithstanding subsection (c) above, any loss or deductions attributable to any Partnership recourse liability (as defined in Regulations Section 1.752-1(a)(i)) ("Recourse Debt") must be specially allocated to any Partner who bears the economic risk of loss with respect to the Recourse Debt to which such loss or deductions are attributable. If any allocations are made to any Partner pursuant to the foregoing sentence, then after any allocations required by Sections 4.04 and 4.05 hereof have been made but prior to allocations pursuant to Section 4.03(c), income shall be allocated to such Partner until on a cumulative basis an aggregate amount of income equal to such cumulative deductions and losses has been allocated to each such Partner.