Examples of Fiscal Period in a sentence
Notwithstanding any other provision of this Article 5, if there is a net decrease in partnership minimum gain or partner minimum gain (as such terms are defined in Regulations Section 1.704-2) during any Fiscal Period, prior to any other allocation pursuant hereto, items of Partnership income and gain for such Fiscal Period (and, if necessary, for subsequent fiscal years or periods) shall be specially allocated among the Partners in accordance with Regulations Sections 1.704-2(f) and (i).
Subject to the special allocations set forth in Section 5.5 or 5.6, Profit and Loss of the Partnership for each Fiscal Period shall be allocated in accordance with each Partner’s Percentage Interest.
Accordingly, Profit, Loss and other items will be reallocated among the Partners (in the same Fiscal Period, and to the extent necessary, in subsequent Fiscal Periods) in a manner consistent with Regulations Sections 1.704-1(b) and 1.704-2 so as to prevent the Regulatory Allocations from distorting the manner in which Profit, Loss and other items are intended to be allocated among the Partners pursuant to Article 5.