Common use of Allocation of Income, Gain Clause in Contracts

Allocation of Income, Gain. Loss and Deduction; Section 704(c). Upon the sale of any property contributed by any Partner, the gain or loss represented by the difference between the adjusted basis for Federal income taxation purposes and Book Value of the property to the Partnership shall be allocated to the Partner who contributed such property, and the gain or loss in excess of that so allocated shall be allocated among the Partners as provided in Sections 4.01, 4.02, 4.03 and 4.04 above. In addition, any other item of income, gain, loss or deduction with respect to such property shall be allocated in a manner consistent with the requirements of Section 704(c) of the Code and Treas. Reg. Section 1.704-1(b)(2)(iv)(g), as amended from time to time.

Allocation of Income, Gain. Loss and Deduction; , Section 704(c). Upon the sale of any property contributed by any PartnerMember, the gain or loss represented by the difference between the adjusted basis for Federal income taxation purposes and Book Value of the property to the Partnership Company shall be allocated to the Partner Member who contributed such property, and the gain or loss in excess of that so allocated shall be allocated among the Partners Members as provided in Sections 4.01, 4.02, 4.03 and 4.04 above. In addition, any other item of income, gain, loss or deduction with respect to such property shall be allocated in a manner consistent with the requirements of Section 704(c) of the Code and Treas. Reg. Section ss. 1.704-1(b)(2)(iv)(g), as amended from time to time.

Allocation of Income, Gain. Loss and Deduction; Section 704(c704 ------------ ----------------------------------------------------------- (c). Upon the sale of any property contributed by any Partner, the gain or --- loss represented by the difference between the adjusted basis for Federal income taxation purposes and Book Value of the property to the Partnership shall be allocated to the Partner who contributed such property, and the gain or loss in excess of that so allocated shall be allocated among the Partners as provided in Sections 4.01, 4.02, 4.03 and 4.04 above. In addition, any other item of income, gain, loss or deduction with respect to such property shall be allocated in a manner consistent with the requirements of Section 704(c) of the Code and Treas. Reg. Section (S) 1.704-1(b)(2)(iv)(g), as amended from time to time.