Common use of Federal Tax Elections and Allocations Clause in Contracts

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 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)(1706(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 AUC 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 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) 1. to use the accrual _______ method of accounting; (ii) 2. pursuant to the provisions of section 706(b)(1706ii.(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 AUC 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 Company shall be treated as a partnership for federal income tax purposes, and no Member shall take any action to alter such treatment. The In addition, 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 at Section 706(b)(1) of the Code, to use as its taxable year the year ending December 31, and in connection therewith, Strathmore STRATHMORE represents that its taxable year is the year ending December 31 and Yellowcake 31, SCC represents that its taxable year is the year ending July December 31, and XXXX represents that its taxable year is the year ending December 31; (iii) unless the Members unanimously agree otherwise, to deduct currently all development expenses to the extent possible under section 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 lawLaw; (vi) to adjust the basis of property of the Company under section Section 754 of the Code at the request of either any Member; (vii) to amortize over the shortest permissible period all organizational expenditures and business start-up expenses under sections Sections 195 and 709 of the Code; (viii) any other election required or permitted unless the Members unanimously agree otherwise, to be made by deduct currently to the Company extent possible reclamation expenses and closing costs under Section 468 of the Code or any state tax law shall be made as determined by Code; (ix) unless the Management CommitteeMembers unanimously agree otherwise, to deduct currently to the extent possible environmental remediation expenses, if applicable, under Section 198 of the Code; and (ixx) each Member shall elect under section 617(ato not have Section 6231(a)(1)(B)(i) 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 Accountapply.