Net Profit and Net Loss definition
Net Profit and Net Loss means for each Fiscal Year or other period, an amount equal to the Partnership's taxable income or loss for such Fiscal Year or other 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:
Net Profit and Net Loss. For each Fiscal Year or other period, an amount equal to the Partnership’s taxable income or loss for such Fiscal 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 Net Profit or Net Loss 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 under Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profit or Net Loss shall be subtracted from such taxable income or loss;
(c) gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Book Value of such property notwithstanding that the Book Value of such asset differs from its adjusted tax basis;
(d) gain or loss resulting from any adjustment pursuant to Section 1.1.7(b) shall be taken into account as gain or loss from disposition of the asset for purposes of computing Net Profit or Net Loss hereunder;
(e) gain or loss resulting from any adjustment attributable to an in-kind distribution of assets to any Partner pursuant to Sections 5.2 shall be taken into account as gain or loss from disposition of the asset for purposes of computing Net Profit or Net Loss hereunder;
(f) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period as determined under Regulations Section 1.704-1(b)(2)(iv)(g)(3);
(g) the amount of any Gross Income specially allocated to the Partners pursuant to Sections 4.7 through 4.9 and 4.14 shall not be included as income or revenue; and
(h) any amount allocated pursuant to Sections 4.11 through 4.14 shall not be included as a gain, loss or deduction.
Net Profit and Net Loss. For each Fiscal Year or other period, an amount equal to the Partnership's taxable income or loss for such Fiscal 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 Net Profit or Net Loss 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 under Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profit or Net Loss shall be subtracted from such taxable income or loss;
(c) gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Book Value of such property notwithstanding that the Book Value of such asset differs from its adjusted tax basis;
(d) gain or loss resulting from any adjustment pursuant to Section 1.1.7
Examples of Net Profit and Net Loss in a sentence
Net Profit and Net Loss during the period of liquidation shall be allocated pursuant to Section 5.4 hereof.
Allocations of Net Profit and Net Loss to a Holder's Capital Account shall be made for each day as soon as practicable thereafter.
Net Profit and Net Loss during the period of liquidation shall be allocated pursuant to Article V hereof.
Net Profit and Net Loss during the period of liquidation will be allocated in accordance with Article V of this Agreement.
The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Net Profit and Net Loss of the Company or make Distributions.
More Definitions of Net Profit and Net Loss
Net Profit and Net Loss. For any Period, the net income or net loss of the Company for such Period, determined in accordance with section 703(a) of the Code, including any items that are separately stated for purposes of section 702(a) of the Code, as determined in accordance with federal income tax accounting principles with the following adjustments:
Net Profit and Net Loss means, for each Fiscal Year, an amount equal to the Company's taxable income or loss for such Fiscal Year, determined in accordance with Code Section 703(a) (including for this purpose, all items of income, gain, loss or deduction required to be separately stated pursuant to Code Section 703(a)(1)), with the following adjustments:
Net Profit and Net Loss means, for any Fiscal Quarter or such other period as determined by the General Partner, the net income or net loss of the Partnership for such Fiscal Quarter or such other period, as the case may be, determined in accordance with Section 703(a) of the Code, including any items that are separately stated for purposes of Section 702(a) of the Code, as determined in accordance with federal income tax accounting principles, with the following adjustments:
(i) any income of the Partnership that is exempt from U.S. federal income tax shall be included as income;
(ii) 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 U.S. Treasury Regulations Section 1.704-1(b)(2)(iv)(i) shall be treated as current expenses;
(iii) any and all other adjustments required to be made in order to determine Capital Account balances in compliance with Treasury Regulations Section 1.704-1(b); provided, however that amounts that are specially allocated under Section 4.02 shall not be taken into account.
Net Profit and Net Loss. For any Fiscal Year (or Fiscal Period) of the Company, Net Profit and Net Loss shall mean the net income or loss recognized by the Company for federal income tax purposes during such period, taking into account all items of income, gain, deduction and loss of the Company, computed using the accrual method of accounting, and with the following adjustments: (i) tax exempt income received by the Company shall be treated, for purposes of this definition only, as gross income, and (ii) expenditures described in section 705(a)(2)(B) of the Internal Revenue Code shall be treated, for purpose of this definition only, as deductible expenses.
Net Profit and Net Loss. With respect to any Interim Period, the difference between (i) the Net Asset Value of the Partnership as of the close of business on the last day of such Interim Period, and (ii) the Net Asset Value of the Partnership as of the beginning of business on the first day of the Interim Period, after giving effect to withdrawals as of the last day of the previous Interim Period, and contributions as of the first day of the Interim Period.
Net Profit and Net Loss means for each taxable year or other period the excess of items of Profit over items of Loss for such period, or the items of Loss over the items of Profit for such period, as appropriate. Net Profit and Net Loss shall not include items of Profit and Loss allocated pursuant to Section 7.3.
Net Profit and Net Loss means an amount equal to the company’s taxable income or loss for each fiscal year or other period, adjusted pursuant to this Agreement.”