Accounting Method. The Series, for accounting and income tax purposes, shall operate on a fiscal year ending December 31 of each year, and shall make such income tax elections and use such methods of depreciation as shall be determined by the Manager. The books and records of the Series will be kept on a GAAP basis in accordance with sound accounting practices to reflect all income and expenses of the Series.
Appears in 65 contracts
Samples: Series Operating Agreement (Landa App LLC), Series Operating Agreement (Landa App LLC), Series Operating Agreement (Landa App LLC)
Accounting Method. The Company and each Series, for accounting and income tax purposes, shall operate on a fiscal year ending December 31 of each year(unless, for the Series, the applicable Series Designation indicates otherwise), and shall make such income tax elections and use such methods of depreciation as shall be determined by the Manager. The books and records of the Company and each Series will shall be kept on a GAAP basis in accordance with sound accounting practices to reflect all income and expenses of the Company or such Series, as applicable.
Appears in 5 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Landa App LLC), Limited Liability Company Agreement
