Elections. The General Partner shall cause the Limited Partnership to make all elections required or permitted to be made by the Limited Partnership under the Code and not otherwise expressly provided for in this Agreement, in the manner that the General Partner believes will be most advantageous to the Unit Holders, except that (i) the General Partner shall not be required to make an election under Section 754 of the Code or corresponding provisions of applicable state income tax laws, and (ii) the General Partner shall make the election under Section 263(c) of the Code to expense all intangible drilling and development costs in the initial Limited Partnership Federal income tax return filed for the Fiscal Year in which such costs are incurred.
Appears in 14 contracts
Samples: Geodyne Energy Income LTD Partnership Ii-B, Geodyne Institutional Pension Energy Income P-2 LTD Ptnship, Geodyne Energy Income LTD Partnership Ii-B
Elections. The General Partner shall cause the Limited Partnership to make all elections required or permitted to be made by the Limited Partnership under the Code and not otherwise expressly provided for in this Agreement, in the manner that the General Partner believes will be most advantageous to the Unit Holders, except that (i) the General Partner shall not be required to make an election under Section 754 of the Code or corresponding provisions of applicable state income tax laws, and (ii) the General Partner shall make the election under Section 263(c) of the Code to expense all intangible drilling and development costs in the initial Limited Partnership Federal federal income tax return filed for the Fiscal Year in which such costs are incurred.
Appears in 7 contracts
Samples: Geodyne Energy Income LTD Partnership Iii-G, Geodyne Energy Income LTD Partnership Iii-G, Geodyne Energy Income LTD Partnership Iii-G
Elections. The General Partner Partners shall cause the Limited Partnership to make all elections required or permitted to be made by the Limited Partnership under the Code and not otherwise expressly provided for in this Agreement, in the manner that the General Partner believes Partners believe will be most advantageous to the Unit HoldersLimited Partners, except that (i) the General Partner Partners shall not be required to make an election under Section 754 of the Code or corresponding provisions of applicable state income tax laws, and (ii) the General Partner Partners shall make the election under Section 263(c) of the Code to expense all intangible drilling and development costs in the initial Limited Partnership Federal income tax return filed for the Fiscal Year in which such costs are incurred.
Appears in 2 contracts
Samples: Geodyne Energy Income LTD Partnership I-F, Geodyne Energy Income LTD Partnership I-F
Elections. The General Partner Partners shall cause the Limited Partnership to make all elections required or permitted to be made by the Limited Partnership under the Code and not otherwise expressly provided for in this Agreement, in the manner that the General Partner believes Partners believe will be most advantageous to the Unit HoldersLimited Partners, except that (i) the General Partner Partners shall not be required to make an election under Section 754 of the Code or corresponding provisions of applicable state income tax laws, and (ii) the General Partner Partners shall make the election under Section 263(c) of the Code to expense all intangible drilling and development costs in the initial Limited Partnership Federal income tax return filed for the Fiscal Year in which such costs are incurred.. ARTICLE TEN Amendments -----------
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