Determination of Net Profits and Net Losses. Net Profits" or "Net Losses" of the Fund will be determined on the accrual basis of accounting using generally accepted accounting principles as a guideline.
Determination of Net Profits and Net Losses. For purposes of computing the amount of any items of income, gain, loss or expense to be reflected in the Capital Accounts (the net thereof hereinafter referred to as “Net Profits” or “Net Losses”), the determination, recognition and classification thereof shall be the same as their determination, recognition and classification for federal income tax purposes, with the following modifications:
Determination of Net Profits and Net Losses. The Net Profits and Net Losses of the Company shall be determined in accordance with the accounting methods followed for federal income tax purposes and otherwise in accordance with sound accounting principles and procedures applied in a consistent manner. An accounting shall be made for each fiscal year by the accountants employed by the Company as soon as possible after the close of each such fiscal year to determine the Members’ respective shares of Net Profits or Net Losses of the Company, which shall be credited or debited, as the case may be, to the Members’ respective Capital Accounts.
Determination of Net Profits and Net Losses. Net Profits'' or "Net Losses" of the Partnership for a Fiscal Period shall be determined by the General Partner on the accrual basis of accounting using generally accepted accounting principles as a guideline, unless otherwise deemed appropriate by the General Partner in its sole discretion, and further in accordance with the following:
Determination of Net Profits and Net Losses. The net profit or net loss of the Partnership shall equal the combined Lot Level Profit (as defined below) of each of the parking facilities leased, managed or operated by
Determination of Net Profits and Net Losses. For purposes of determining Net Profits and Net Losses under the Agreement, the following rules shall apply:
Determination of Net Profits and Net Losses. The net profits or net losses and each item of Company income, gain, loss, deduction or credit shall be determined from the Company’s books and records using the method of accounting determined in accordance with Section 9.1. Adjustments to net profits and losses shall be made as necessary to properly reflect items of income and expense which are not recognized for federal income, tax purposes, if any.
Determination of Net Profits and Net Losses. “Net Profits” and “Net Losses” of the Company shall mean the taxable income and loss of the Company, as adjusted in accordance with Treasury Regulations Section 1.704-1(b) for purposes of maintaining Capital Accounts.
Determination of Net Profits and Net Losses. All items of income, gain, loss, deduction, and credit shall be determined for each fiscal year in accordance with federal income tax accounting principles and allocated, in accordance with this Article 6, among the Members at the end of each taxable year in accordance with each Member’s Percentage Interests.
Determination of Net Profits and Net Losses. Net Profits" or "Net Losses" of the Partnership shall mean the net operating profits or net operating losses, as the case may be, for a Fiscal Period determined on the accrual basis of accounting in accordance with generally accepted accounting principles consistently applied and further in accordance with the following:
