Definition of Profit and Loss “Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners.
Allocation of Profits Profits for any Year shall be allocated in the following order and priority:
GENERAL DEFINITION OF PRODUCTS Item 1: Cafeteria Furniture • Mobile tables on rollers with or without benches or stools. • Round and rectangular cafeteria tables without benches or stools. Item 2: Dormitory Furniture • Metal, wood, or wood clad metal wardrobes, beds and mattresses, night stands, chest of drawers, and single pedestal dormitory student desks with keyboard or center drawers.
Distribution of Profits Any and all net income accruing to the Joint Venture shall be distributed equally to the Parties.
Allocation of Profit or Loss All Profit or Loss shall be allocated to the Member.
Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.
Definition of Overpayments For purposes of this CIA, an “Overpayment” shall mean the amount of money KDMC has received in excess of the amount due and payable under any Federal health care program requirements.
Definition of a Grievance A grievance is defined as a dispute or disagreement as to the interpretation or application of the specific terms and conditions of this Agreement.
Tax Definitions The following terms, as used herein, have the following meanings:
Allocation of Profit and Loss Article V, Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place: