Common use of Accounting Basis for Tax and Reporting Purposes Clause in Contracts

Accounting Basis for Tax and Reporting Purposes. Fiscal Year The books and records of the NPI Partnership for tax purposes, for purposes of this agreement and for the purpose of reports to the Partners shall be kept on the accrual basis. The Fiscal Year of the NPI Partnership shall be the calendar year to the extent permissible and the Managing Partner shall use its best efforts to obtain any necessary approvals therefor.