Common use of CODE SECTION 754 ELECTION Clause in Contracts

CODE SECTION 754 ELECTION. The Management Committee shall, upon the written request of any Member, cause the Company to file an election under Section 754 of the Code and the Treasury Regulations promulgated thereunder to adjust the basis of the Company's assets under Section 734(b) or 743(b) of the Code and a corresponding election under the applicable sections of state and local law.

CODE SECTION 754 ELECTION. The Management Committee shall, upon the written request of any Member, cause the Company to file an election under Section 754 of the Code and the Treasury Regulations promulgated thereunder to adjust the basis of the Company's assets under Section Sections 734(b) or 743(b) of the Code and a corresponding election under the applicable sections of state and local law.