Common use of Certain Adjustments to Capital Accounts Clause in Contracts

Certain Adjustments to Capital Accounts. If the book values of Joint Venture assets are adjusted pursuant to Treas. Reg. ss.1.704-1(b), the Capital Accounts of all the Members shall be adjusted simultaneously to reflect the allocations of gain or loss that would be Members if there were a taxable disposition of the Joint Venture's property for its fair market value. If any assets of the Joint Venture are to be distributed in kind, such assets shall be distributed on the basis of their fair market values after the Members' Capital Accounts have been adjusted to reflect the manner in which any unrealized gain and loss with respect to such assets (that has not been reflected in the Capital Accounts previously) would be allocated between the Members if there were a taxable disposition of the property for its fair market value.

Certain Adjustments to Capital Accounts. If the book values of Joint Venture assets are adjusted pursuant to Treas. Reg. ss.1.704[_]1.704-1(b), the Capital Accounts of all the Members Partners shall be adjusted simultaneously to reflect the allocations of gain or loss that would be Members Partners if there were a taxable disposition of the Joint Venture's property for its fair market value. If any assets of the Joint Venture are to be distributed in kind, such assets shall be distributed on the basis of their fair market values after the MembersPartners' Capital Accounts have been adjusted to reflect the manner in which any unrealized gain and loss with respect to such assets (that has not been reflected in the Capital Accounts previously) would be allocated between the Members Partners if there were a taxable disposition of the property for its fair market value.

Certain Adjustments to Capital Accounts. If the book values of Joint Venture assets are adjusted pursuant to Treas. Reg. ss.1.704ss. 1. 704-1(b), the Capital Accounts of all the Members Partners shall be adjusted simultaneously to reflect the allocations of gain or loss that would be Members Partners if there were a taxable disposition of the Joint Venture's property for its fair market value. If any assets of the Joint Venture are to be distributed in kind, such assets shall be distributed on the basis of their fair market values after the MembersPartners' Capital Accounts have been adjusted to reflect the manner in which any unrealized gain and loss with respect to such assets (that has not been reflected in the Capital Accounts previously) would be allocated between the Members Partners if there were a taxable disposition of the property for its fair market value.