Tax Allocations definition
Tax Allocations means the allocations set forth in paragraph 4 of Exhibit B.
Tax Allocations. Code Section 704(c).
(a) In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Interest Holders so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value) as determined by the Management Committee using any permissible method under Code Section 704(c) and the Regulations thereunder.
(b) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder.
(c) Any elections or other decisions relating to such allocations shall be made by the Management Committee in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this section 5.5 are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Interest Holder’s Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.
Tax Allocations. CODE SECTION 704(C).
A. Income, gain, loss, and deduction with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for Federal income tax purposes and its initial Gross Asset Value in accordance with any permissible method or methods under Code Section 704(c) and the Regulations thereunder, as determined in the sole discretion of the General Partner.
B. In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to the definition of "Gross Asset Value" contained in Article 2 above, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for Federal income tax purposes and its Gross Asset Value in the same manner or manners permitted under Code Section 704(c) and the Regulations thereunder.
C. The portion of any gain recognized by the Partnership on the disposition of property which is classified as ordinary income under Sections 751, 1245 or 1250 of the Code, or which is classified as "unrecaptured section 1250 gain" under Section 1(h)(7) of the Code, shall be allocated among the Partners in the ratio in which the deductions giving rise to such ordinary income or unrecaptured section 1250 gain were allocated; provided, however, that the amount of ordinary income or unrecaptured section 1250 gain so allocated shall not exceed the gain from such sale or disposition that is so allocable to the Partner.
D. Any elections or other decisions relating to the allocations provided under this Section 7.5 shall be made by the General Partner using any permissible manner under the Code or the Regulations that the General Partner may elect in its sole discretion. Allocations pursuant to this Section 7.5 are solely for purposes of Federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Partner's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision in this Agreement.
Examples of Tax Allocations in a sentence
A separate Capital Account shall be established and maintained for each Member in all events in accordance with the Tax Allocations Addendum attached hereto as Addendum II and by this reference incorporated herein.
The tax allocations made pursuant to this Section 14.12 (Tax Allocations) shall be solely for tax purposes and shall not affect any Partner’s Capital Account or share of non-tax allocations or distributions under this Agreement.
At least 10% of Eligible Expenditures must be from the Applicant’s own funds, and up to 40% of Eligible Expenditures may be funded from Gas Tax Allocations and/or any other funding sources.
Net Income for each Fiscal Year (or portion thereof) shall be allocated among the Members (after giving effect to the allocations contained in Sections 3.4(c) (Tax Allocations) and 3.5(c) (Gross Income Allocation) first to the extent Net Loss has been allocated to the Members pursuant to Section 3.4(b) (Net Loss) and thereafter as nearly as possible in the manner that distributions would be made pursuant to Section 3.3(a) (Distributions -- General) (other than returns of capital)).
Federal Income Tax Allocations............................................
More Definitions of Tax Allocations
Tax Allocations. Code Section 704(c). Except as otherwise provided herein, allocations of Profits and Losses for tax purposes shall be made in the same manner as the allocations for book purposes described in Section 4.1 of this Agreement. However, in accordance with Code Section 704(c) and the Regulations thereunder, items of income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the basis of the property and its fair market value at the time the property was contributed to the Partnership.
Tax Allocations. CODE SECTION 704(C).
Tax Allocations. Code Section 704(c) and Unrealized Appreciation or Depreciation.
Tax Allocations means allocations, adjustments or other modifications to a Member's Capital Account in compliance with the Code and the Regulations.
Tax Allocations has the meaning set forth in Section 2(h).
Tax Allocations means the allocations set forth in paragraph 4 of Exhibit A. “Tax Items” has the meaning set forth in subparagraph 4(a) of Exhibit A.
Tax Allocations. Code Section 704(c). In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the General Partner and Limited Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and its initial Gross Asset Value (computed in accordance with Section 1.23(d) hereof). In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to Section 1.23(d) hereof, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. Any elections or other decisions relating to such allocations shall be made by the General Partner in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 6.06 are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Person's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.