TERMINATION OF THE TAX PARTNERSHIP. 7.1.1. Upon termination, as provided in Code § 708(b)(1)(A), the business shall be wound-up and concluded, and the assets shall be distributed to the Parties as described below by the end of such calendar year (or, if later, within ninety (90) days after the date of such termination). The assets shall be valued and distributed to the Parties in the order provided in Sections 7.1.2, 7.5, and 7.7 7.1.2. First, all cash representing unexpended contributions by any Party and any property in which no interest has been earned by any other Party under the Agreement shall be returned to the contributing Party, and the FMV capital account balance of any such Party shall be adjusted accordingly.
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Samples: Area Three Tax Partnership Agreement (Rex Energy Corp), Tax Partnership Agreement (Rex Energy Corp), Tax Partnership Agreement (Rex Energy Corp)
TERMINATION OF THE TAX PARTNERSHIP. 7.1.1. 7.1.1 Upon termination, as provided in Code § 708(b)(1)(A), the business shall be wound-up and concluded, and the assets shall be distributed to the Parties as described below by the end of such calendar year (or, if later, within ninety (90) days after the date of such termination). The assets shall be valued and distributed to the Parties in the order provided in Sections 7.1.2, 7.5, and 7.7.
7.1.2. 7.1.2 First, all cash representing unexpended contributions by any Party and any property in which no interest has been earned by any other Party under the Agreement shall be returned to the contributing Party, and the FMV capital account balance of any such Party shall be adjusted accordingly.
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