CODE SECTION 754 ELECTION. Upon the approval of the General Partners, the Partnership shall file an election under Code Section 754 to adjust the tax basis of the Partnership Property, with respect to any distribution of Partnership Property to a Partner permitted by this Agreement or a Transfer of a Partnership Interest in accordance with the terms of this Agreement, in accordance with Code Sections 734(b) and 743(b). The Partners acknowledge that once a Code Section 754 election shall be validly filed by the Partnership, it shall remain in effect indefinitely thereafter unless the Internal Revenue Service approves the revocation of such election.
CODE SECTION 754 ELECTION. In connection with any transfer or assignment of any Membership Units, or any distribution with respect to which a Member recognizes gain under Code section 731(a), the Members or the Majority Member, as applicable, shall, upon the written request of any Member, cause the Company to file an election under Code section 754 and the Treasury Regulations thereunder to adjust the basis of the Company assets under Code Section 734(b) or 743(b) and a corresponding election under the applicable sections of state and local law.
CODE SECTION 754 ELECTION. The Manager shall, upon the written request of any Member, cause the Company to file an election under Section 754 of the Code and the Treasury Regulations promulgated thereunder to adjust the basis of the Company's assets under Section 734(b) or 743(b) of the Code and a corresponding election under the applicable sections of state and local law.
CODE SECTION 754 ELECTION. Pursuant to the Tax Receivable Agreement, the Company shall make the election provided for under Code Section 754.
CODE SECTION 754 ELECTION. Upon a transfer of a Member’s Interest, the Manager may, but is not obligated to make an election on behalf of the Company pursuant to Section 754 of the Code and pursuant to corresponding provisions of applicable state and local tax laws, to adjust the basis of the assets of the Company pursuant to Sections 734 and 743 of the Code.
CODE SECTION 754 ELECTION. The Partnership has in effect an election under Code Section 754, and shall have in effect such an election for all subsequent taxable years.
CODE SECTION 754 ELECTION. The Management Committee shall, upon the written request of any Member, cause the Company to file an election under Section 754 of the Code and the Treasury Regulations promulgated thereunder to adjust the basis of the Company's assets under Section 734(b) or 743(b) of the Code and a corresponding election under the applicable sections of state and local law.
CODE SECTION 754 ELECTION. The Company shall make the election provided for under Code Section 754 for the first Fiscal Year during which there is an Exchange pursuant to Section 9.1 or earlier, if determined to be in the best interest of the Company and its Members by RHI Inc. and such election shall not be revoked.
CODE SECTION 754 ELECTION. In the event of a distribution of property made in the manner provided in Section 734 of the Code, or in the event of a transfer of any Partnership Interest permitted by this Agreement made in the manner provided in Section 743 of the Code, the Partners, by majority vote in Interest, may elect to file an election under Section 754 of the Code in accordance with the procedures set forth in the applicable regulations promulgated thereunder.
CODE SECTION 754 ELECTION. With respect to the Tax Partnership, either (i) such Tax Partnership currently has in effect a valid election under Section 754 of the Code (a “Section 754 Election”), or (ii) if such Tax Partnership does not currently have in effect a Section 754 Election, then the Seller shall cause such Tax Partnership to make a timely and valid Section 754 Election in accordance with the Section 1.754-1(b) of the Treasury Regulations on the final Form 1065 (U.S. Return of Partnership Income) that is required to be filed with respect to the Tax Partnership as a result of the Tax Termination.
