Calculation of Profits and Losses. The profits and losses of the Company shall be determined for each fiscal year in accordance with U.S. generally accepted accounting principles.
Calculation of Profits and Losses. For all purposes hereof, the Partnership’s profits and losses shall be determined by taking into account all of the Partnership’s items of income and gain (including items not subject to federal income tax) and all items of loss, expense, and deduction, in each case determined under federal income tax principles; provided, that items specially allocated under other provisions of this Section 7.1 shall not be taken into account in computing net profits and net losses for purposes of Sections 7.1(a) and 7.1(b).
Calculation of Profits and Losses. Except as otherwise set forth in this Agreement, profits and losses of the Operating Company shall be determined for each Fiscal Year in accordance with the method of accounting followed by the Operating Company for federal income tax purposes and otherwise in accordance with GAAP, as modified by Section 1.704-1(b)(2)(iv) of the Regulations. Except as otherwise provided in this Agreement, whenever a proportionate part of the Operating Company profit or loss is allocated to a Member, every item of income, gain, loss or deduction entering into the computation of such profit and loss shall be considered allocated and every item of credit or tax preference applicable to the period during which such profit or loss was realized shall be considered allocated to such Member in the same proportion. All allocations of such items for federal income tax purposes shall be identical to the allocations set forth in this Article 10, except as otherwise required by Section 704(c) of the Code and Section 1.704-1(b)(4) of the Regulations.
Calculation of Profits and Losses. For all purposes hereof, the Company’s profits and losses shall in accordance with Code Section 703(a) and Treasury Regulation Section
Calculation of Profits and Losses. The profits and losses of the Company shall be determined for each Fiscal Year in accordance with GAAP.
Calculation of Profits and Losses. For financial accounting purposes, the profits and losses, and other accounting, of the Partnership shall be determined for each fiscal year in accordance with GAAP.
Calculation of Profits and Losses. The profits and losses of the New Series shall be determined for each fiscal year in accordance with U.S. generally accepted accounting principles in effect from time to time.
Calculation of Profits and Losses. For all purposes hereof, the Company's profits and losses shall be determined by taking into account all of the Company's items of income and gain (including items not subject to federal income tax) and all items of loss, expense, and deduction, in each case determined under federal income tax principles. For both accounting and tax purposes, the books and records of the Company shall be kept on the accrual method of accounting applied in a consistent manner.
Calculation of Profits and Losses. For all purposes of this Agreement, the Exchange’s profits and losses shall be determined by taking into account all of the Exchange’s items of income and gain (including items not subject to federal income tax) and all items of loss, expense, and deduction, in each case determined under federal income tax principles.
Calculation of Profits and Losses. The Profits and Losses of the Company for each fiscal year or other period shall be the taxable income or loss of the Company for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be separately stated pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:
