Income and Losses definition

Income and Losses means, for each fiscal year or other period, an amount equal to the Partnership's taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: (a) any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Income or Losses pursuant to this Section 1.43 shall be added to such taxable income or loss; (b) any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Income and Losses pursuant to this Section 1.43 shall be subtracted from such taxable income or loss; (c) in the event the Gross Asset Value of any Partnership asset is adjusted pursuant to Section 1.38(a) or (b) hereof, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Income and Losses; (d) gain or loss resulting from any disposition of Partnership assets with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; (e) in lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account depreciation for such fiscal year or other period, computed as provided below; and (f) notwithstanding any other provision of this definition, any items which are specially allocated pursuant to Sections 10.3 or 10.4 hereof shall not otherwise be taken into account in computing Income or Losses. Depreciation for each fiscal year or other period shall be calculated as follows: an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period for federal income tax purposes, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, depreciation shall be an amount which bears the same...

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Income and Losses mean taxable income or loss plus income exempt from federal income tax and reduced by any expenditures of the Company described in Code section 705(a)

Examples of Income and Losses in a sentence

Meetings of the Partnership may be noticed either (a) at any time by the General Partner; or (b) by any Partner with an Interest greater than 20% of the Income and Losses.
Earnings as of the close of business on the last day of each calendar month shall be allocated among the Partners in the same proportion as Income and Losses as described in Section 5.1 above.
Income and Losses realized by the Partnership during any month shall be allocated to the Partners as of the close of business on the last day of each calendar month, in accordance with their respective Limited Partnership Interests and in proportion to the number of days during such month that they owned such Limited Partnership Interests, without regard to Income and Losses realized with respect to time periods within such month.
All Income and Losses of the Partnership shall be credited to and charged against the Partners in proportion to their respective "Partnership Interests", as hereafter defined.
Matters as to which such reliance may be made include the value and amount of assets, liabilities, Income and Losses of the Company, as well as other facts pertinent to the existence and amount of assets from which Distributions to Members might properly be made.
The difference between such value of the property distributed in kind and its book basis shall be treated as Income or Loss on the sale of the property and shall be credited or charged to the Members in proportion to their respective shares of Income and Losses pursuant to Section 5.1 as though actually recognized by the Company for U.S. federal income tax purposes.
The General Partner or any affiliate thereof shall not be entitled to any profit in rendering such services to the Partnership, as described in this paragraph, it being understood that the General Partner or any affiliate thereof will be entitled to its proportionate allocated share of Income and Losses as provided in Article VI.
Income and Losses of the Partnership shall be allocated to the Partners in proportion to their respective Percentage Interests.
The income and losses of the Partnership as of the close of the Partnership's fiscal year or any other fiscal period, determined in accordance with generally accepted accounting principles, provided however that Income and Losses will be determined as though equipment and real property (including buildings) contributed to the Partnership have been purchased by the Partnership at its Agreed Value.
For purposes of this Section 6.1, Income and Losses shall be apportioned ratably to each day of the fiscal period and each day's share shall be allocated pursuant to the Partnership Interests on such date.

More Definitions of Income and Losses

Income and Losses means, for each fiscal year or other period specified in this Agreement, an amount equal to the Company's taxable income or loss for such year or period, determined in accordance with IRC section 703(a), including all Tax Items required to be stated separately pursuant to IRC section 703(a)(1), with the following adjustments:

Income and Losses means, at any time during the existence of the Partnership, the income or loss of the Partnership for book purposes determined as of the close of the Partnership's fiscal year, including, without limitation, each item of Partnership income, gain, loss, deduction, expense or credit.21

Income and Losses. With respect to a taxable year of the Company (or other period for which Income or Losses must be computed), the Company’s taxable income or loss for federal income tax purposes, as determined by the tax advisors employed by the Company for this purpose, except that: (1) any tax-exempt income of the Company as described in IRC Section 705(a)(1)(B) shall be treated as gross income of the Company, (2) any nondeductible noncapital expenditures as described in IRC Section 705(a)(2)(B) shall be treated as a deduction of the Company, and (3) if any Company Assets is reflected on the books of the Company at a value (“Book Value”) different from the adjusted tax basis of such Assets, any item of Income or Loss with respect to such Assets shall be computed by reference to such Book Value.