CHOICE OF ACCOUNTANTS; TAX INFORMATION Sample Clauses
The "Choice of Accountants; Tax Information" clause establishes which party has the authority to select accountants for financial matters and outlines the procedures for sharing relevant tax information between the parties. Typically, this clause specifies whether one party or both must agree on the selection of accountants, and it may require the timely exchange of tax documents or cooperation in tax filings. Its core function is to ensure transparency and coordination in financial reporting and tax compliance, thereby reducing the risk of disputes or misunderstandings related to accounting and tax obligations.
CHOICE OF ACCOUNTANTS; TAX INFORMATION. Notwithstanding anything to the contrary in this Agreement or any status of the General Partner as general partner, the Special General Partner is hereby designated as the "tax matters partner" as such term is defined in Section 6231(a)(7) of the Code. The Special General Partner shall have full and exclusive authority over all Partnership tax matters, including, without limitation, with respect to those matters under Section 11.2 of the Property Owning Partnership Agreement, reserved to the Limited Partner of such partnership under such Section 11.2 of the Property Owning Partnership Agreement. The Partnership's tax returns shall be prepared by a "Big Five" accounting firm selected by the Special General Partner. The Special General Partner shall sign and file tax returns prepared by the Partnership's accountant in consultation with the General Partner. The Special General Partner shall annually deliver or cause to be delivered to the Limited Partners all information forms reasonably necessary for federal tax purposes.
CHOICE OF ACCOUNTANTS; TAX INFORMATION. Notwithstanding anything to the contrary in this Agreement or any status of the General Partner as general partner or tax matters partner under Section 6231(a)(7) of the Code, the JMB Limited Partner shall have full and exclusive authority over all Partnership tax matters, including, without limitation, with respect to those matters under Section 11.2 of the Lower Tier Partnership Agreement and Section 10.8 of the Property Owning Partnership Agreement, in each case, reserved to the respective Limited Partner of such partnerships (as such term is respectively defined) under such Section 11.2 of the Lower Tier Partnership Agreement or Section 10.8 of the Property Owning Partnership Agreement, as appropriate. The Partnership's tax returns shall be prepared by a big six accounting firm selected by the JMB Limited Partner. The General Partner shall sign and file tax returns prepared by the Partnership's accountant in consultation with the JMB Limited Partner. The General Partner shall annually deliver or cause to be delivered to the Limited Partners all information forms reasonably necessary for federal tax purposes.