Common use of CODE SECTION 754 ELECTION Clause in Contracts

CODE SECTION 754 ELECTION. With respect to the Tax Partnership, either (i) such Tax Partnership currently has in effect a valid election under Section 754 of the Code (a “Section 754 Election”), or (ii) if such Tax Partnership does not currently have in effect a Section 754 Election, then the Seller shall cause such Tax Partnership to make a timely and valid Section 754 Election in accordance with the Section 1.754-1(b) of the Treasury Regulations on the final Form 1065 (U.S. Return of Partnership Income) that is required to be filed with respect to the Tax Partnership as a result of the Tax Termination.