Adverse Tax Consequences. No Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to any person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation, or (ii) such Transfer is effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of Code Section 7704.
Appears in 4 contracts
Samples: Excel Realty Trust Inc, Apartment Investment & Management Co, Excel Realty Trust Inc
Adverse Tax Consequences. No Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to any person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation, ; or (ii) such Transfer is effectuated through an "established securities marketEstablished Securities Market" or a "secondary market Secondary Market (or the substantial equivalent thereof)" within the meaning of Code Section 7704.
Appears in 2 contracts
Samples: Agreement (Cornerstone Realty Income Trust Inc), Cornerstone Realty Income Trust Inc
Adverse Tax Consequences. No Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to any person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporation, or (ii) such Transfer is effectuated through an "“established securities market" ” or a "“secondary market (or the substantial equivalent thereof)" ” within the meaning of Code Section 7704.
Appears in 2 contracts
Samples: Apartment Investment & Management Co, New Plan Excel Realty Trust Inc
Adverse Tax Consequences. No Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner Parent or the Partnership and including any acquisition of Partnership Units by the PartnershipPermitted Transfer) may be made to or by any person Person if (i) in the opinion of legal counsel or other qualified tax advisor for the Partnership, it such Transfer would result in create a material risk of the Partnership being treated as an association taxable as a corporation, corporation or (ii) such Transfer is effectuated through an "established securities market" or would result in a "secondary market (or termination of the substantial equivalent thereof)" within the meaning of Partnership under Code Section 7704708.
Appears in 1 contract
Samples: Limited Partnership Agreement (Five Point Holdings, LLC)
Adverse Tax Consequences. No Transfer by a Limited Partner of its Partnership Interests (including any Redemption, any other acquisition of Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to or by any person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association taxable as a corporationcorporation or would result in a termination of the Partnership under Code Section 708, or (ii) such Transfer is would be effectuated through an "“established securities market" ” or a "“secondary market (or the substantial equivalent thereof)" ” within the meaning of Code Section 7704.
Appears in 1 contract
Samples: Newkirk Realty Trust, Inc.