Adjusted Property Clause Samples
The "Adjusted Property" clause defines how a property is modified or altered for the purposes of a contract, typically to reflect changes in its condition, value, or characteristics. In practice, this clause may specify adjustments due to renovations, damage, or other events that affect the property's status between the contract signing and closing. Its core function is to ensure that both parties have a clear understanding of what constitutes the property being transferred, thereby preventing disputes over changes that occur during the contractual period.
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Adjusted Property. (A) In the case of an Adjusted Property, such items first shall be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 4.6 or 4.7, and second, in the event such property was originally a Contributed Property, shall be allocated among the Partners in a manner consistent with Section 5.2(b)(1).
(B) Any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 5.1.
Adjusted Property. 2 Adverse Partnership Tax Consequence............................................2
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Adjusted Property. In the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to that asset shall take into account any variation between the Gross Asset Value of that asset before such adjustment and its Gross Asset Value after such adjustment in the same manner as the variation between Adjusted Basis and Gross Asset Value is taken into account under Section 3.5(a) hereof with respect -------------- to contributed property, and such variation shall be allocated in accordance with the principles of Treasury Regulation Section 1.704-1(b)(2)(iv)(f).
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Adjusted Property is taken into account under Section 4(a) of Appendix A with respect to contributed property, and such variation shall be allocated in accordance with the principles of Regulation Section 1.704l(b)(2)(iv)(f), and the Members'capital accounts shall be adjusted in accordance with Regulation Section 1.704-1(b)(2)(iv)(g).