Section 754. Any election by the Company under Section 754 of the Code to adjust the basis of the Company’s assets pursuant to Section 734 and Section 743 of the Code shall be made in the discretion of the Board. If such election is made, allocation of items of the Company’s income, gain, loss and deductions shall otherwise be made in a manner consistent with such allocation of basis in accordance with Section 734 and/or Section 743 of the Code, as the case may be, notwithstanding any other provision of this Agreement.
Appears in 3 contracts
Samples: Member Control Agreement (Dakota Plains Holdings, Inc.), Member Control Agreement (Dakota Plains Holdings, Inc.), Member Control Agreement (MCT Holding Corp)
Section 754. Any election by the Company under Section 754 of the Code to adjust the basis of the Company’s Company assets pursuant to Section 734 and of the Code or Section 743 of the Code shall be made in the sole discretion of the Board. If such an election is made, allocation allocations of Company items of the Company’s income, gain, loss receipt, loss, deduction, and deductions credit shall otherwise be made in a manner consistent with such allocation of basis items in accordance with Section 734 and/or Section 743 of the Code, as the case may be, notwithstanding any other provision of this Agreement.
Appears in 2 contracts
Samples: Member Control Agreement, Member Control Agreement (Red Trail Energy, LLC)
