Capital Contributions and Capital Accounts. (a) The capital contributions of each party shall be all amounts paid by it pursuant to the Agreement. With respect to each oil and gas property and the related assets subject to the Agreement, each party shall be treated as having contributed to the tax partnership an amount of cash equal to such party's share of any Lease acquisition or other property costs and the tax partnership shall be treated as having purchased such property from the party to whom such amounts are paid.
Appears in 4 contracts
Samples: Mewbourne Energy Partners 03-a Lp, Mewbourne Energy Partners O4-a Lp, Mewbourne Energy Partners 02-a Lp
Capital Contributions and Capital Accounts. (a) The capital contributions of each party shall be all amounts paid by it pursuant to the Agreement. With respect to each oil and gas property and the related assets subject to the Agreement, each party shall be treated as having contributed to the tax partnership an amount of cash equal to such party's ’s share of any Lease acquisition or other property costs and the tax partnership shall be treated as having purchased such property from the party to whom such amounts are paid.
Appears in 2 contracts
Samples: Drilling Program Agreement (Mewbourne Energy Partners 08-a Lp), Program Agreement (Mewbourne Energy Partners 07-A, L.P.)
