Depletable Property definition

Depletable Property means each separate oil and gas property as defined in Code Section 614.

Depletable Property has the meaning set forth in Section 5.6(b) hereof.

Depletable Property means each separate oil and gas property as defined in Code Section 614 owned by the Partnership as a result of a Capital Contribution, acquisition or otherwise.

Examples of Depletable Property in a sentence

• Upon the reasonable request of the Company, each Member shall advise the Company of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto, both as computed in accordance with the provisions of this subsection for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or distributions by the Company.

• The Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable Property by the Company, any adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence.

• For purposes of allocating amounts realized upon any such sale or disposition which are deemed to be received for federal or state income tax purposes and are attributable to Tax Partnership indebtedness or indebtedness to which the Depletable Property is subject at the time of such sale or disposition, such amounts shall be allocated in the same manner as Partnership proceeds used for the repayment of such indebtedness would have been allocated under Section 5.02 of the Agreement.

• The Tax Partnership shall compute simulated gain (“Simulated Gain”) or simulated loss (“Simulated Loss”) attributable to the sale or other disposition of a Depletable Property based on the difference between the amount realized from such sale or other disposition and the Simulated Basis of such property, as theretofore adjusted.

• Each Partner shall separately keep records of his share of the adjusted tax basis in each Depletable Property, allocated as provided above, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property, and use such adjusted tax basis in the computation of its cost depletion or in the computation of his gain or loss on the disposition of such property by the Partnership.

More Definitions of Depletable Property

Depletable Property means each separate oil and gas property as defined in Section 614 of the Code held by the Company directly or indirectly through Holdco.

Depletable Property means interests in oil, gas or other minerals eligible for depletion under Code Section 613 or 613A.

Depletable Property shall have the meaning assigned to such term in Section 4.3(b).

Depletable Property shall have the meaning assigned to it in SECTION 4.3(B).

Depletable Property means any property (within the meaning of section 614 of the Code) with respect to which a deduction under section 611 of the Code may be claimed.

Depletable Property means the economic interests held by the Company in oil and gas producing properties that are subject to the allowance for depletion in accordance with section 611 of the Code.

Depletable Property means each separate oil and gas property as detailed in Section 614 of the Code that is Company Property.