Annual Reports and Tax Returns. So long as there is only a single member, no federal income tax return will be filed. Within ninety (90) days after the close of each fiscal year, the Member shall cause to be prepared and forwarded to the Member, at the expense of the Company (unless the Member otherwise advises the Company), (i) unaudited financial statements, which shall include, without limitation, a balance sheet of the Company, an operating (income or loss) statement, and all other information customarily shown on financial statements prepared in accordance with generally accepted accounting principles, consistently applied, and (ii) all information necessary to enable the Member to include the Company’s income or loss in his federal and state income tax returns.
Annual Reports and Tax Returns. Within one hundred twenty (120) days after the close of each fiscal year, the Managing Member shall cause to be prepared and distributed to the other Member, at the expense of the Company, unaudited financial statements, which shall include, without limitation, a balance sheet of the Company, an operating (income or loss) statement, and all other information customarily shown on financial statements prepared in accordance with generally accepted accounting principles, consistently applied. In addition, the Managing Member shall provide monthly financial statements to the other Member showing monthly and year-to-date results, comparison to budgets, and an explanation of any variance, no later than the twentieth (20th) day of each calendar month. Within one hundred twenty (120) days after the close of each fiscal year, the Managing Member shall cause all required federal and state Company tax returns to be prepared at the expense of the Company and distributed to the other Member for its approval, which approval shall not be unreasonably withheld, delayed or conditioned. The chief financial officer of the Managing Member shall certify that the reports and financial statements delivered pursuant to this Section 10.02 have been prepared in accordance with generally acceptable accounting principles and are true and correct in all material respects. The Managing Member shall cause all required federal and state income tax returns to be filed upon the earlier of (i) the approval of such returns by the other Member, or (ii) the due date of such returns (taking into account any extensions granted to the Company). The Managing Member shall act as the “tax matters partner” of the Company under Section 6231(a)(7) of the Code and the Treasury Regulations promulgated thereunder and is authorized to make any and all elections or choices of methods of reporting income or loss for federal or state income tax purposes.
Annual Reports and Tax Returns. Within ninety (90) days after the close of each fiscal year, the Operating Partners shall cause to be prepared and timely filed and distributed to each Partner, at the expense of the Partnership, all required federal and California state partnership tax returns, including information returns reflecting each Partner's distributive share of tax items. Additionally, within ninety (90) days after the close of each fiscal year, the Operating Partners shall cause to be prepared and distributed to each Partner, at the expense of the Partnership, unaudited financial statements. Such financial statements shall be prepared by the independent certified public accountants for the Partnership (which shall not be changed without the prior approval of the Management Committee) and shall include, without limitation, a balance sheet of the Partnership as of the last day of such fiscal year, an operating (income or loss) statement of the Partnership for such fiscal year, a statement of each Partner's Capital Account as of the last day of such fiscal year, and all other information customarily shown on financial statements prepared in accordance with generally, accepted accounting principles, consistently applied. Upon written request by IMA Corp., or SMI, in the event SMI is not an Operating Partner, such financial statements shall be audited, at the expense of the Partnership, by an independent certified public accountant selected in the reasonable discretion of such requesting Partner.
Annual Reports and Tax Returns. Within ninety (90) days after the close of each fiscal year, the General Manager shall cause to be prepared and distributed to each Member, at the expense of the Company, audited financial statements, which shall include, without limitation, a balance sheet of the Company, an operating (income or loss) statement, and all other information customarily shown on financial statements prepared in accordance with generally accepted accounting principles, consistently applied. Within ninety (90) days after the close of each fiscal year, the General Manager shall cause to be prepared and timely filed and distributed to each Member, at the expense of the Company, all required federal and state Company tax returns.
Annual Reports and Tax Returns. Within ninety (90) days after the close of each fiscal year, the Designated Officer shall cause to be prepared and distributed to the Members, at the expense of the Company, audited financial statements, which shall include, without limitation, a balance sheet of the Company, an operating (income or loss) statement, and all other information customarily shown on financial statements prepared in accordance with generally accepted accounting principles, consistently applied. Within seventy five (75) days after the close of each fiscal year, the Designated Officer shall cause to be prepared and timely filed and distributed to each Member, at the expense of the Company, all required federal and state Company tax returns including, without limitation, such Member’s Form 1065, U.S. Partnership Return. The Designated Officer shall act as the “tax matters partner” of the Company under Section 6231(a)(7) of the Code and the Treasury Regulations promulgated thereunder and is authorized to make any and all elections or choices of methods of reporting income or loss for federal or state income tax purposes; provided, however, that no elections, choices of reporting or other material decisions may be made or undertaken by the tax matters partner for or on behalf of the Company without the Majority Vote of the Voting Members.
Annual Reports and Tax Returns. The General Partners, at the cost of the Partnership, shall use all reasonable efforts to cause to be prepared and furnished to each of the Partners within one hundred and twenty (120) days after the close of each Fiscal Year a balance sheet of the Partnership, dated as of the end of the Fiscal Year, together with a related statement of income or loss for the Partnership for such Fiscal Year. At the option of the General Partners, such financial statements may be audited by an independent certified public accountant selected by the General Partners, and in such event, the cost of any such audit shall be borne by the Partnership. The General Partners also shall cause to be prepared and filed on a timely basis all income tax returns which must be filed on behalf of the Partnership with any taxing authority.
