Common use of Adjusted Tax Basis Clause in Contracts

Adjusted Tax Basis. On or before the Closing Date, Transferor shall prepare and deliver to the Company a schedule that accurately and completely sets forth Transferor's adjusted tax basis in each of the Assets having a value in excess of $10,000 which shall become the Company's tax basis in the Assets by operation of Code Section 723, subject to adjustment in accordance with the provisions of Code Sections 734(b) and 754, as set forth in the LLC Agreement.

Adjusted Tax Basis. On or before the Closing Date, Transferor shall prepare and deliver to the Company a schedule that accurately and completely sets forth Transferor's adjusted tax basis in each of the Assets having a value in excess of $10,000 10,000, which shall become the Company's tax basis in the Assets by operation of Code Section 723, subject to adjustment in accordance with the provisions of Code Sections 734(b) and 754, as set forth in the LLC Agreement.