Determination of Capital Account Balances. For purposes of Sections 6.1.B, and C, Capital Accounts shall, except as otherwise specifically provided therein, be determined as of the last day of the fiscal year in which a Capital Transaction occurs, after giving effect to allocations pursuant to section 6.1.A and distributions during and within 60 days after such fiscal year pursuant to section 6.2.B and D, but before giving effect to the allocation of any gain or loss from such Capital Transaction; provided that in applying Section 6.1.B First, capital accounts shall be determined prior to the distribution of the proceeds of the Capital Transaction resulting in the gain being allocated therein. If more than one Capital Transaction occurs in any fiscal year, the gain or loss therefrom shall be allocated in the order in which such Capital Transactions occur. For purposes of Section 6.1.B, the Capital Account of any Partner shall be determined after adding any amounts required to be contributed by such Partner to discharge Partnership obligations, including amounts required to be contributed by any Limited Partner pursuant to Section 6.3.B.
Determination of Capital Account Balances. For purposes of Sections 9.1.B, C, D and E, Capital Accounts shall, except as otherwise specifically provided therein, be determined as of the last day of the fiscal year, after giving effect to distributions during the 60 days after the end of the fiscal year and, in the case of allocations of Gain or Loss from a Capital Transaction, after giving effect to allocations of Net Income or Net Loss, but before giving effect to the applicable allocation of Gain or Loss from the Capital Transaction, including a Terminating Capital Transaction. In applying Sections 9.1.C First and 9.1.E(iii), Capital Accounts shall be determined prior to the distribution of the Capital Proceeds resulting in the Gain or Loss to be allocated under those Sections. If more than one Capital Transaction occurs in any fiscal year, the Gain or Loss shall be allocated in the order in which the Capital Transactions occur. For purposes of allocating Gain from a Terminating Capital Transaction, the Capital Account of the General Partner shall be determined after adding any amounts required to be contributed by the General Partner to discharge Partnership obligations. K. Allocations with Respect to Reserved Proceeds of Capital Transactions. To the extent that Capital Proceeds received by the Partnership are reserved pursuant to Sections 9.2.C and 9.3.A, the reserved proceeds shall, for purposes of Section 9.1.B First and 9.1.C Second, be deemed to have been distributed pursuant to Sections 9.2.C or 9.3, and any deduction allowed to the Partnership by reason of the subsequent payment of any contingent or unforeseen liability shall be allocated among the Partners in the same proportions that the amount paid on such a liability would otherwise have been distributed pursuant to Sections 9.2.C and 9.3. L. Tax Allocations; Section 704(c). Notwithstanding the provisions of Section 9.1, in accordance with Section 704(c) of the Internal Revenue Code (the 'Code') and the Income Tax Regulations thereunder, income, gain, loss, and deduction (including depreciation) with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and its fair market value on the date of contribution. Furthermore, in the event the value at which Partnership assets are carried on its balance sheet maintained under the t...
Determination of Capital Account Balances. In applying Section 8.1.B First, Capital Accounts shall be determined prior to the distribution of the proceeds of the Capital Transaction resulting in the Gain being allocated therein. If more than one Capital Transaction occurs in any fiscal year, the Gain or Loss therefrom shall be allocated in the order in which such Capital Transactions occur.
