Tax Capital Account definition

Tax Capital Account means, for any Holder at any time in any Fiscal Year, the Tax Capital Account balance of the Holder on the first day of the Fiscal Year, as adjusted each day pursuant to the provisions of Section 3.3 hereof.

Tax Capital Account has the meaning set forth in Section 3.5 hereof.

Tax Capital Account means, with respect to any Interestholder, the Capital Account maintained for such Interestholder on a daily basis in accordance with the following provisions:

Examples of Tax Capital Account in a sentence

• A separate Book Capital Account and a separate Tax Capital Account shall be maintained for each Holder pursuant to Section 3.2 and Section 3.3.

• The initial balance of the Tax Capital Account and the Book Capital Account for each Partner shall be the initial capital contribution made to the Partnership by such Partner and shall be adjusted as provided in this Article VI.

• A separate Book Capital Account and a separate Tax Capital Account shall be maintained for each Holder pursuant to Section 3.2 and Section 3.3. hereof, respectively.

• A Tax Capital Account for the Partnership shall be established for each Partner.

• Any remaining net realized profit or loss shall then be allocated to the Partners in order to decrease the relative differences between the Partners’ Tax Capital Account and Book Capital Account in accordance with Treasury Regulation 1.704(b)(2)(iv)(g), provided, however, that the allocations of such profit and loss to the Partners shall not exceed the allocations permitted under Subchapter K of the Code as determined by the General Partner, whose determination shall be binding.

More Definitions of Tax Capital Account

Tax Capital Account means the individual account maintained by the Company with respect to each Member for purposes of tax accounting as provided in this Agreement.

Tax Capital Account has the meaning set forth in Section 3.5 herein.

Tax Capital Account means a separate account maintained for each Member computed in the same manner as the Member's Capital Account but with the following modifications:

Tax Capital Account means the adjusted basis for federal income tax purposes of a Partner’s Interest in the Partnership computed without taking into account debt share allocations under Code Section 752.

Tax Capital Account has the meaning set forth in Section 11.08.

Tax Capital Account means, for any Member, its capital account on the books of the Fund with respect to its Shares maintained in accordance with Section 2.3 hereof.

Tax Capital Account means, with respect to any Interestholder, the Capital Account maintained for such Interestholder on a daily basis in accordance with the following provisions: (i) To each Interestholder's Tax Capital Account there shall be credited (a) the amount of money and the Adjusted Basis of any property contributed by such Interestholder to the Trust, (b) such Interestholder's distributive share of Net Income, (c) such Interestholder's distributive share of Tax Sales Gain, and (d) the amount of any Trust liabilities assumed by such Interestholder or which are secured by any property distributed to such Interestholder. (ii) To each Interestholder's Tax Capital Account there shall be debited (a) the amount of money and the Gross Asset Value of any property distributed to such Interestholder pursuant to any provision of this Agreement, (b) such Interestholder's distributive share of Net Loss, (c) such Interestholder's distributive share of Tax Sales Loss, and (d) the amount of any liabilities of such Interestholder assumed by the Trust or which are secured by any property contributed by such Interestholder to the Trust. Any decisions relating to the maintenance of Tax Capital Accounts shall be made by the Trustees in any manner that reasonably reflects the purpose and intention of this Agreement. In the event the Trustees shall determine that it is prudent to modify the manner in which the Tax Capital Accounts, or any debits or credits thereto, are computed in order to reflect the purpose and intention of this Agreement, the Trustee may make such modification.