Profits or Losses shall have the meaning set forth in Section 10.4(b)(v).
Profits or Losses means, for each Allocation Year, an amount equal to the Partnership’s taxable income or loss for such year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments:
Profits or Losses means, for each fiscal year or other applicable period, an amount equal to the Partnership's net income or loss for such year or period as determined for Federal income tax purposes by the Accountants, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments: (i) by including as an item of gross income any tax-exempt income received by the Partnership; (ii) by treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (including amounts paid or incurred to organize the Partnership (unless an election is made pursuant to Code Section 709(b)) or to promote the sale of interests in the Partnership and by treating deductions for any losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant to Section 267(a)(1) or Section 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code); (iii) in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into account in computing total income or loss, there shall be taken into account Depreciation; (iv) 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 Gross Asset Value of such property rather than its adjusted tax basis; and (v) in the event of an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partnership be adjusted pursuant to Regulation Section 1.704-1(b)(2)(iv)(e), (f) and (m), the amount of such adjustment is to be taken into account as additional Profits or Losses pursuant to Article 7.
Examples of Profits or Losses in a sentence
Except as otherwise provided herein, such allocations of profit and loss shall be pro rata from Disposition Gain (or Disposition Loss) and Profits (or Losses).
All Profits or Losses and tax credits from the Partnership for a fiscal year allocable with respect to any Interests which may have been assigned during such fiscal year shall be allocated between the assignor and assignee based upon the number of days in the year that each was recognized as the owner of the Interest, without regard to results of the operations of the Partnership during such fiscal year and without regard to whether cash distributions were made to the assignor or assignee.
Profits or Losses of the Partnership for each Year shall be determined by the General Partner in accordance with this Agreement.
Except as otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee, either as to the return of Capital Contributions or as to distributions or allocations of Profits or Losses.
Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction, credit and any other allocations not otherwise provided for shall be divided among the Members in the same proportion as they share Profits or Losses, as the case may be, for the year.
More Definitions of Profits or Losses
Profits or Losses means, for each Fiscal Year or other period, an amount equal to LLC’s taxable income or loss for such year or period, determined in accordance with United States generally accepted accounting principles with such modifications as the Members deem necessary or appropriate to comply with U.S. tax requirements.
Profits or Losses. For each Fiscal Year, an amount equal to the Company's taxable income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code will be included in taxable income or loss), with the following adjustments:
Profits or Losses means, for any Fiscal Year, the Liquidating Trust’s taxable income or loss for such Fiscal Year, 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:
(i) any income of the Liquidating Trust that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses shall be applied to increase such taxable income or reduce such loss;
(ii) any expenditure of the Liquidating Trust described in Code Section 705(a)(2)(B), or treated as such pursuant to Treas. Reg. Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Profits and Losses shall be applied to reduce such taxable income or increase such loss;
(iii) gain or loss resulting from a taxable disposition of any asset of the Liquidating Trust shall be computed by reference to the Gross Asset Value of such asset and the special depreciation calculations described in Treas. Reg. Section 1.704 -1(b)(2)(iv)(g), notwithstanding that the adjusted tax basis of such asset may differ from its Gross Asset Value;
(iv) in lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss for such Fiscal Year, there shall be taken into account depreciation, amortization, or other cost recovery determined pursuant to the method described in Treas. Reg. Section 1.704 -1(b)(2)(iv)(g)(3); and
(v) any items which are specifically allocated pursuant to Section 5.4(e) shall not be taken into account in computing Profits or Losses.
Profits or Losses means, for each Fiscal Year, the taxable income or loss of the Company as determined for federal income tax purposes, as adjusted by Section 3.5(b). Profits and Losses shall be determined net of any amounts allocated pursuant to Section 4.2 and Section 4.3.
Profits or Losses for any Fiscal Year or other period shall mean the taxable income or loss of the Partnership for such year as determined for Federal income tax purposes, in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be separately stated pursuant to Code Section 703(a)(1) shall be included in taxable income or loss) with the following adjustments:
(i) Any income of the Partnership that is exempt from Federal income tax shall be added to such taxable income or loss;
(ii) 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 with reference to the Book Value of the property disposed of;
(iii) In lieu of the depreciation, amortization and other cost recovery deduction taken into account in computing such taxable income or loss, Depreciation shall be taken into account for such fiscal year.
(iv) Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv) and not otherwise taken into account in computing Profits and Losses shall be subtracted from such taxable income or loss;
(v) In the event the Book Value of any Partnership asset is adjusted pursuant to the provisions 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 Profits or Losses;
(vi) Notwithstanding the foregoing, any items which are specially allocated shall not be taken into account in computing Profits or Losses; and
(vii) Any amount of compensation, fringe benefit or return on net capital investment paid to a Partner for any Fiscal Year pursuant to an employment or other agreement with the Partnership shall be treated as an expense of the Partnership in computing Profits or Losses for such Year.
Profits or Losses means, for each fiscal year or other shorter period of the Company, an amount equal to the Company's Federal 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: 1.
1.23.1 Any income of the Company that is exempt from Federal income taxation and not otherwise taken into account in computing Profits or Losses pursuant to this section 1.
Profits or Losses means, for each Accounting Period, an amount equal to the Partnership's taxable income or loss for such Accounting Period, determined by the Accounting Firm at the close of the relevant Accounting Period, including,