Income and Losses. Distributions of Available Net Income.
Income and Losses. All Income and Losses of the Partnership shall be credited to and charged against the Partners in proportion to their respective "Partnership Interests", as hereafter defined. The Partnership Interest of the General Partners shall at all times be a total of one percent (1%), to be shared equally among them and the Partnership Interest of the Limited Partners collectively shall be ninety-nine percent (99%), which shall be allocated among them according to their respective Limited Partnership Interests. Income and Losses realized by the Partnership during any month shall be allocated to the Partners as of the close of business on the last day of each calendar month, in accordance with their respective Limited Partnership Interests and in proportion to the number of days during such month that they owned such Limited Partnership Interests, without regard to Income and Losses realized with respect to time periods within such month.
Income and Losses. The income and losses of the Partnership as of the close of the Partnership's fiscal year or any other fiscal period, determined in accordance with generally accepted accounting principles, provided however that Income and Losses will be determined as though equipment and real property (including buildings) contributed to the Partnership have been purchased by the Partnership at its Agreed Value.
Income and Losses. All income will be credited or charged to partners in relation to their respective partnership interests. The partnership interest of the General Partners (combined) shall be a total of 1%.
Income and Losses. (a) For the purposes of this Agreement:
Income and Losses. All income and losses of the Company shall be allocated to the Member. All allocations of income and loss shall be made in a manner that complies with this Agreement and with the Treasury Regulations under Section 704 of the Code.
Income and Losses. The income and losses of the Partnership for Federal income tax purposes as of the close of the Partnership's fiscal year or any other fiscal period, as well as, where the context requires, each Federal tax item of capital gain or loss, tax preference and credits.
Income and Losses. Income and losses of the Partnership shall be determined in accordance with the Income Tax Act (Canada). All net income and net losses of the Partnership shall be shared by and allocated for accounting and income tax purposes to the Partners as follows:
Income and Losses. Net Income" and "Net Losses" with respect to any fiscal period shall mean the net income or net losses of the LLC for that period from the construction, operation and management of the LLC Property (including the amount of any tax exempt income received or accrued) after all operating expenses incurred in connection with the LLC's business (including, without limitation, real estate taxes, utilities, repairs and maintenance, management fees, insurance, labor costs and interest on Cash Needs Loans and any other loans to the LLC) have been paid or accrued and after making allowance for depreciation or amortization of the cost of the LLC Property and assets of the LLC and expenditures of the LLC of the nature described in Section 705(a)(2)(B) of the Code (including expenditures treated as described in Section 705(a)(2)(B) of the Code under Treas. Reg. S 1.704-1(b)(2)(iv)(i) ("Section 705(a)(2)(B) Expenditures")) and after taking into account any gain or loss arising from capital transactions. Consistent with the foregoing definition, income, net losses, gain and loss shall be determined on the same basis as reported by the LLC for federal income tax purposes; provided, however, that in computing net income, net loss, gain and loss of the LLC it shall be assumed that the agreed fair market value of any Property contributed to the LLC by any Member is an amount equal to its initial tax basis.
Income and Losses. 10 - 4.1 Allocation of Net Income and Net Loss........................- 10 - 4.2 Company Minimum Gain Chargeback..............................- 13 - 4.3 Minimum Gain Chargeback for Member Nonrecourse Debt..........- 13 - 4.4 Qualified Income Offset......................................- 13 - 4.5 Limit on Loss Allocations....................................- 14 - 4.6 Net Loss from Member Nonrecourse Debt........................- 14 - 4.7 Nonrecourse Deductions.......................................- 14 - 4.8 Section 754 Adjustments......................................- 14 - 4.9 Reversal of Mandatory Allocations............................- 14 - 4.10 Compliance with Code.........................................- 14 - 4.11 Tax Allocations -- Section 704(c)............................- 14 - 4.12 Allocation on Transfer.......................................- 14 - ARTICLE 5: DISTRIBUTIONS................................................- 15 - 5.1 Distributions Generally......................................- 15 - 5.2 Special Distributions........................................- 16 - 5.3 Payment......................................................- 16 - 5.4 Withholding..................................................- 16 - 5.5 Distribution Limitation......................................- 16 - 5.6 Booth Creek Return...........................................- 17 - ARTICLE 6: MANAGEMENT...................................................- 17 - 6.1 Management...................................................- 17 - 6.2 Actions or Decisions by the Manager..........................- 18 - 6.3 Actions or Decisions Requiring Reasonable Consent............- 19 - 6.4 Actions or Decisions Requiring Discretionary Consent of Booth Creek..................................................- 20 - 6.5 Amendment of Agreement.......................................- 22 - 6.7 Effect of Dissolution, Resignation or Retirement.............- 23 - 6.8 Other Activities.............................................- 23 - 6.9 Payment of Management Costs..................................- 23 - 6.10 Master Development Plan......................................- 23 - 6.11 Annual Plan..................................................- 23 - 6.12 Amendments to Annual Plan....................................- 24 - 6.13 Off-Site Mitigation..........................................- 24 -
