Xxx Treatment. It is the intention of the Members that the Company be treated as a “partnership” for United States federal, state and local income tax purposes, and, except as otherwise required by law, no Member shall take any action inconsistent with the classification of the Company as a partnership for such income tax purposes. Consistent with such intention, the Company shall not make an election under Section 301.7701-3 of the Regulations to be treated as a corporation.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (PLM Equipment Growth & Income Fund Vii), Limited Liability Company Agreement (PLM Equipment Growth Fund Vi), Limited Liability Company Agreement (PLM Equipment Growth Fund V)
Xxx Treatment. It is the intention of the Members that the Company be treated as a “partnership” for United States federal, state and local income tax purposes, and, except as otherwise required by law, no Member shall take any action inconsistent with the classification of the Company as a partnership for such U.S. income tax purposes. Consistent with such intention, the Company shall not make an election under Section 301.7701-3 of the Regulations to be treated as a corporation.
Appears in 1 contract
Samples: Limited Liability Company Agreement (PLM Equipment Growth Fund V)
