Common use of BBA Elections Clause in Contracts

BBA Elections. The Partnership Representative will have the sole authority to elect into or opt out of the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) pursuant to Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company will elect the alternative procedure under Code Section 6226, as amended by Section 1101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.

BBA Elections. The Partnership Representative Fund will have the sole authority to not elect into or opt out of the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) pursuant to Internal Revenue Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company Fund to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company Fund will elect the alternative procedure under Internal Revenue Code Section 6226, as amended by Section 1101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.

BBA Elections. The Partnership Representative To the extent permitted by applicable law and regulations, the Company will have the sole authority to annually elect into or opt out of the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) pursuant to Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company will elect the alternative procedure under Code Section 6226, as amended by Section 1101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.

BBA Elections. The Partnership Representative Company will have the sole authority to annually elect into or opt out of the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) pursuant to Internal Revenue Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company will elect the alternative procedure under Internal Revenue Code Section 6226, as amended by Section 1101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.