Common use of to eliminate Book-Tax Disparities Clause in Contracts

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members as follows: (1) (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (2) (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable adjustments to the Carrying Value of such property and the allocations thereof pursuant to Section 4.4 4.4(d) and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section Code section 704(c) of the Code in a manner that takes into account the variation between the 704(cCode section 704( c) Value of such property and its adjusted basis at the time of contribution, ; and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section Code section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 4.4, and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i6.3.2(a)(i), ; and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 6.2 of this Agreement. (3c) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.to

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, ; and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement. (i) In the case of an Adjusted Property, such items shall (Aa) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (Bb) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i6.3(b)(1)(i), ; and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 6.2 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 4.2 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i6.3(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 6.2 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members Partners as follows: (1) (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 4.2 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i6.3(b)(1)(i), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 6.2 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, loss and deduction shall be allocated for Federal federal income tax purposes among the Members as follows: (i) In the case of a Contributed Property, such items income, gain, loss and deductions (including depreciation) attributable thereto shall be allocated among the Members consistent with the principles of Section 704(c) of the Code in a manner that takes take into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, ; and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement. (i) In the case of an Adjusted Property, such items income, gain, loss and deductions (including depreciation) shall (A) first, be allocated among the Members in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.4 and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 6.4(b)(1)(i6.3(b)(1)(i), ; and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 6.2 of this Agreement. (3) All other items of income, gain, loss and deduction shall be allocated among the Members in the same manner as their correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal income tax purposes among the Members Partners as follows: (i) (A) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, ; and (iiB) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections SECTIONS 6.1 and 6.3 6.2 of this Agreement. (iA) In the case of an Adjusted Property, such items shall (A1) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property at the time of the adjustments required in SECTION 4.4(d)(ii) and the allocations thereof pursuant to Section 4.4 SECTION 6.1 and (B2) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(iSECTION 6.3(b)(i)(A), ; and (iiB) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections SECTIONS 6.1 and 6.4 6.2 of this Agreement. (3iii) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections SECTIONS 6.1 and 6.3 6.2 of this Agreement.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal federal income tax purposes among the Members Partners as follows: (i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted basis at the time of contribution, ; and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement6.2. (i) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to variation between the Carrying Value of such property and the allocations thereof pursuant to Section 4.4 its 704(c) Value and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members Partners in a manner consistent with Section 6.4(b)(1)(i6.3(b)(1)(i), ; and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members Partners in the same manner as its correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement6.2. (3) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement6.2.

to eliminate Book-Tax Disparities. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for Federal federal income tax purposes among the Members Partners as follows: (i) To the extent that the fair market value of a Contributed Property differed from its adjusted tax basis at the time it was originally contributed to Branch Properties, Ltd. (the "Original Book-Tax Disparity"), the allocation of tax items with respect to such Contributed Property shall take into account any remaining Original Book-Tax Disparity at the time such property is contributed to the Partnership in a manner consistent with the principles of Section 704(c) of the Code, using the "traditional method" under Section 1.704- 3(b) of the Regulations, so that the Original Limited Partners who originally contributed such property to Branch Properties, Ltd. (or their successors-in-interest) bear the tax burden (or benefit, if applicable) of the remaining Original Book-Tax Disparity; (ii) In the case of a Contributed Property, such items attributable thereto shall be allocated allocated, subject to Section 6.3(b)(i), among the Members Partners consistent with the principles of Section 704(c) of the Code in a manner that takes into account the variation between the 704(c) Value of such property and its adjusted tax basis at the time of the contribution, and (ii) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.3 of this Agreement.; (iiii) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members Partners in a manner consistent with the principles of Section 704(c) of the Code in a manner to take into account the Unrealized Gain or Unrealized Loss attributable to such property and (prior to any adjustments in the allocations thereof pursuant to Carrying Value of such property under Section 4.4 hereof) and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner Partners consistent with Section 6.4(b)(1)(i6.3(b)(ii), and (ii) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Sections 6.1 and 6.4 of this Agreement.; and (3iv) All other items of income, gain, loss and deduction shall be allocated among the Members Partners in the same manner as their correlative item of “"book” " gain or loss is allocated pursuant to Sections 6.1 and 6.3 6.2 of this Agreement.