Loss for Tax Purposes definition
Examples of Loss for Tax Purposes in a sentence
The Partnership shall allocate to each of the Partners, where applicable, its respective Pro Rata Share of tax credits on the basis of the same rules as those provided for under Section 8.4 for allocation of Income for Tax Purposes and Loss for Tax Purposes.
For purposes of determining the Income for Tax Purposes or Loss for Tax Purposes in respect of a Fiscal Period, the Partnership shall be able to claim, according to the General Partner’s decision in respect thereof, discretionary deductions in amounts which will diminish or eliminate the income of the Partnership or possibly will create a loss, as determined in accordance with the Tax Acts.
Notwithstanding Section 5.2, where assets of the Partnership are distributed in kind to a Partner and the distribution results in Income for Tax Purposes or Loss for Tax Purposes to the Partnership, for the purposes of computing the Income for Tax Purposes or Loss for Tax Purposes of a Partner, the income or amount shall be allocated to the Partner receiving the distribution, unless the Partners otherwise agree.
The income or loss of the Partnership for accounting purposes for a given Fiscal Year shall be allocated among the Partners in the same proportion as Income for Tax Purposes or Loss for Tax Purposes is allocated for such Fiscal Year.
The Income for Tax Purposes or Loss for Tax Purposes for a given Fiscal Year shall be calculated in accordance with the provisions of the Tax Act and the maximum discretionary deductions available to the Partnership in computing its income shall be claimed to the extent such deductions reduce the taxable income of the Partnership unless otherwise determined by the General Partner, but not to the extent such deductions would create a loss for purposes of the Tax Act.
If, with respect to a given Fiscal Year, no cash distribution is made by the Partnership to its Limited Partners, the Income for Tax Purposes or Loss for Tax Purposes from each source for that Fiscal Year will be allocated to the General Partner and the Limited Partners at the end of that Fiscal Year, based upon their respective interests in the Partnership Units and to each Limited Partner in proportion to the LP Units held by each of them.
The Income for Tax Purposes or Loss for Tax Purposes for a given Fiscal Year shall be calculated in accordance with the provisions of the Tax Act.
For purposes of determining the Income for Tax Purposes or Loss for Tax Purposes in respect of a Fiscal Period, the Partnership shall be able to claim, according to the General Partner’s decision in respect thereof, discretionary deductions in amounts which will diminish or eliminate the income of the Partnership or possibly will create a loss.
Notwithstanding Section 5.2, where assets of the Partnership are distributed in kind to a Partner and the distribution results in Income for Tax Purposes or Loss for Tax Purposes to the Partnership, for the purposes of computing the Income for Tax Purposes or Loss for Tax Purposes of a Partner, the income or amount shall be allocated to a Partner receiving the distribution, unless the Partners otherwise agree.
If, with respect to a given Partnership Fiscal Year, no cash distribution is made by the Partnership to its Limited Partners and holders of Class D Units, 99.98% of the Income for Tax Purposes or Loss for Tax Purposes, as applicable, from each source for that Fiscal Year will be allocated among the Limited Partners and the holders of Class D Units at the end of each month in that Fiscal Year in proportion to the LP Units or Class D Units, as applicable, held by each of them at each of those dates.