Taxable Loss definition

Taxable Loss means, respectively, in respect of any Fiscal Year, the amount of income or loss for tax purposes of the Partnership for such period determined in accordance with the Guarantor Agreement and the provisions of the Income Tax Act;

Taxable Loss mean, for any taxable year, the taxable income or loss attributable to such Member's distributive share of taxable income or loss of the Company, as determined for federal income tax purposes; provided that in making such determination all separately stated items of income, gain, loss and deduction (other than tax-exempt income) shall be included; and provided further, that in calculating Taxable Income and Taxable Loss, items of income, gain, loss and deduction attributable to the sale or exchange of all or substantially all of the assets of the Company shall be excluded from such calculation.

Taxable Loss means, for income tax purposes, the income or loss of the Partnership determined under the Tax Act or the Code, as the case may be, after applying the following principles, subject to a determination by the Partnership GP that such an application generally would not be in the best interest of Limited Partners:

Examples of Taxable Loss in a sentence

• For tax purposes, Profits and Losses, or any item thereof, shall be appropriately adjusted to reflect Taxable Income and Taxable Loss, or any item thereof, as determined under the Code and shall be allocated among the Partners in such a manner as to comply with the provisions of the Code and Regulations thereunder (including, if necessary, the "minimum gain chargeback provisions" of the Regulations under Section 704 of the Code).

• For the purposes of allocations of Profits and Losses, Taxable Income or Taxable Loss, and distributions, an Assignment of a Partnership Interest is effective as to the Partnership, and shall be reflected in the records of the Partnership, as of the date that the Managing General Partner receives written notice of the Assignment.

• However, until the appropriate distributions, if any, are made to a Retired or withdrawn Partner for his Partnership Interest, the Retired or withdrawn Partner is entitled to receive the allocations of Profits and Losses, Taxable Income or Taxable Loss and all distributions referred to in section 14 applicable to his Partnership Interest.

• In the event, however, that non-Pro Rata distributions of property are made to a Partner or the net proceeds from the sale of property are distributed non-Pro Rata to a Partner, Taxable Income and Taxable Loss derived from such distributions or sales shall be allocated 100% to such Partner, subject only to such modifications as are necessary to comply with Section 704 of the Code.

• Any amounts paid by any member of the Controlled Group pursuant to Section 6 and any amounts receivable by the Controlled Group in respect of a Separate Group Taxable Loss or Tax credit shall be included in determining the payments due from the Controlled Group.

More Definitions of Taxable Loss

Taxable Loss means net income or loss of the Partnership as determined for Federal income tax purposes.

Taxable Loss means, for each Fiscal Year or other period, an amount equal to the Partnership's taxable income or taxable loss for such Fiscal Year or other period, determined for federal income purposes in accordance with Code Section 703(a).

Taxable Loss for any Fiscal Year means the taxable income or taxable loss of the Company for such Fiscal Year, computed for federal income tax purposes in accordance with this Agreement.

Taxable Loss shall, except as otherwise provided herein, mean, with respect to a particular Group or Subgroup, the aggregate taxable loss of all Group or Subgroup Members for the relevant Taxable Year determined with respect to each Group Member in accordance with Treas. Reg. ss. 1.1502-12. In the event a Member shall fail to be a Member of the REC Group for the entire Taxable Year, the taxable loss of such Member shall mean the taxable loss (determined in accordance with Treas. Reg. ss. 1.1502-12) of the Member for the portion of the Taxable Year during which the Member is a Member of the REC Group. In determining any such Member's taxable loss for such period, unless otherwise mutually agreed, the entering or departing Member shall be required to "close its books" as of the day the Member joins or departs the REC Group (whichever shall be applicable).

Taxable Loss means the taxable income or taxable loss of the Partnership as determined for federal income tax purposes under Internal Revenue Code ss. 702(a)(8), modified by (i) including in the calculation thereof all items required to be separately stated under Internal Revenue Code ss. 702(a)(1)-(7) or otherwise required to be separately stated (including without limitation income exempt from tax and items treated as nondeductible expenditures not properly chargeable to capital account), and (ii) excluding, notwithstanding clause i) of this sentence, any item of income, gain, deduction, loss or credit specially allocated under this Agreement other than as part of a special allocation of taxable-income or taxable loss generally. In the event that property of the Partnership properly is reflected on its books in accordance with Treasury Regulations Section 1.704-1(b) at a value other than adjusted tax basis of such property for federal income tax purposes, then (i) "book" income, gain, deduction and loss with respect to such property, as determined in accordance with such Regulations, shall be allocated in the manner taxable income and taxable loss are allocated under this Agreement, and (ii) taxable income and taxable loss shall be allocated in the manner required by Section 704(c) of the Internal Revenue Code or the principles thereof as set forth in applicable Treasury Regulations.

Taxable Loss for a particular Fiscal Year means an amount equal to the Company's taxable income or taxable loss for such Fiscal Year determined in Accordance with Code Section 703(a).

Taxable Loss means, the amount of taxable loss realized by the Fund upon the sale, exchange or other disposition of an asset.