Federal Tax Elections and Allocations. Without changing the effect of SECTION 4.1, the relationship of the Participants shall constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended. Tax elections and allocations shall be made as set forth in EXHIBIT C.
Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. Tax elections and allocations shall be made as set forth in Exhibit C.
Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment.
Federal Tax Elections and Allocations. The Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. The Company shall make the following elections for purposes of all partnership income tax returns: (i) to use the accrual method of accounting; (ii) pursuant to the provisions of section 706(b)(1) of the Code, to use as its taxable year the year ending December 31, and in connection therewith, Strathmore represents that its taxable year is the year ending December 31 and Yellowcake represents that its taxable year is the year ending July 31; (iii) unless the Members unanimously agree otherwise, to deduct currently all development expenses to the extent possible under section 616 of the Code; (iv) unless the Members unanimously agree otherwise, to compute the allowance for depreciation in respect of all depreciable Assets using the maximum accelerated tax depreciation method and the shortest life permissible or, at the election of the Manager, using the units of production method of depreciation; (v) to treat advance royalties as deductions from gross income for the year paid or accrued to the extent permitted by law; (vi) to adjust the basis of property of the Company under section 754 of the Code at the request of either Member; (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under sections 195 and 709 of the Code; (viii) any other election required or permitted to be made by the Company under the Code or any state tax law shall be made as determined by the Management Committee; and (ix) each Member shall elect under section 617(a) of the Code to deduct currently all exploration expenses. Each Member reserves the right to capitalize its share of development and/or exploration expenses of the Company in accordance with section 59(e) of the Code, provided that a Member’s election to capitalize all or any portion of such expenses shall not affect the Member’s Capital Account.
Federal Tax Elections and Allocations. The Participants agree that their relationship shall not constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended.
Federal Tax Elections and Allocations. The Parties agree that their relationship pursuant to this Earn-in Agreement shall not constitute a tax partnership within the meaning of Section 761(a) of the United States Internal Revenue Code of 1986, as amended.
Federal Tax Elections and Allocations. The Venturers agree that their relationship shall constitute a tax partnership within the meaning of Xxxxxxx 000 (x) xx xxx Xxxxxx Xxxxxx Internal Revenue Code of 1986.
Federal Tax Elections and Allocations. I m m e d i a t e l y f o l l o w i n g t h e E f f e c t i v e Date, the Participants will agree on the appropriate Federal Tax elections and allocations consistent with the other terms and conditions herein which shall be effective as of the Effective Date.
Federal Tax Elections and Allocations. The Participants elect to be excluded from Subchapter K of Section 761(a) of the United States Internal Revenue Code of 1986, as amended. The Participants shall make such filings as are required to exclude the Business from Subchapter K and shall report their shares of tax items of the Business in a manner consistent with an election out of Subchapter K.
Federal Tax Elections and Allocations. Without changing the effect of Section 4.2, the Company shall be treated as a partnership for federal income tax purposes and no Member shall take any action to alter such treatment. Tax elections and allocations shall be made as set forth in Exhibit E.
