Interim Closing of the Books. There shall be an interim closing of the books of account of the Company (i) at any time a taxable year of the Company shall end pursuant to the Code, and (ii) at any other time determined by the Board of Governors to be required for good accounting practice or otherwise appropriate under the circumstances.
Interim Closing of the Books. There shall be an interim closing of the books of account of the Partnership (i) at any time a taxable year of the Partnership ends pursuant to the Code, (ii) upon a closing of the Buy-Sell pursuant to Section 9.1, and (iii) at such other times as the General Partner shall determine are required by good accounting practice or may be appropriate under the circumstances.
Interim Closing of the Books. With respect to the Partnership Units acquired by Oncor pursuant to the Partnership Merger (“Non-HIFR Partnership Units”), Oncor shall cause the Partnership to apply the “interim closing method” under Section 706 of the Code and the Treasury Regulations thereunder so that all items of income, gain, loss, deduction and credit allocable to the Non-HIFR Partnership Units are allocated, as of the Partnership Merger Effective Time, between Oncor, on the one hand, and Xxxx and the other limited partners of the Partnership holding Non-HIFR Partnership Units prior to the Partnership Merger Effective Time, on the other hand. In addition to and in connection with the foregoing, each of the Partnership’s gross rental income and its gross income from both pre-Company Merger Effective Time and post-Company Merger Effective Time operations shall be treated as an extraordinary item pursuant to Treasury Regulations sections 1.706-4(e)(2)(ix) and 1.706-4(f), with a view to maximizing the Code Section 856-859 compliance of any past or present, direct or indirect, partner of the Partnership that seeks to comply with such Code Sections.
Interim Closing of the Books. For purposes of determining GM’s allocable share of Company Tax Book Profits, Tax Book Losses and corresponding items of taxable income, gain, loss and deduction under Article VI of the LLP Agreement for the Company’s tax year including the Closing Date, the Company shall use, and the Board of Managers will specify under Section 6.3 of the LLP Agreement, the interim closing of the Company’s books method described in Treasury Regulations § 1.706-1(c)(2) and Proposed Treasury Regulations § 1.706-4, and the Company shall utilize the calendar day convention described in Proposed Treasury Regulations § 1.706-4(e)(1).
Interim Closing of the Books. For tax purposes, the Limited Partner and Special Limited Partner will be treated as having acquired their Interest in the Partnership on August 1, 2006. Furthermore, the Partners agree that the change in ownership pursuant to the admission of the Limited Partner and Special Limited Partner will be accounted for pursuant to Code Section 706(d)(1) and the Company will use the "interim-closing-of-the-books method" to allocate income, loss, deduction, expenses and credits in 2006. [Signatures begin on the following page.]
Interim Closing of the Books. There shall be an interim closing of the books of account of the Company (i) at any time a taxable year of the Company shall end pursuant to the Code, and (ii) at any other time determined by the Manager to be required to good accounting practice or otherwise appropriate under the circumstances.
Interim Closing of the Books. With respect to the Partnership Interests that are being purchased and sold pursuant to this Agreement, Seller’s distributive share of the Partnerships’ income, gain, loss and deduction for the taxable year of the Partnerships that includes the Closing Date shall be determined on the basis of an interim closing of the books of the Partnerships as of the close of business on the Closing Date under this Agreement and shall not be based upon a proration of such items for the entire taxable year.
Interim Closing of the Books. The Holding Companies and Equityholders and the Parent agree that each of the Advisors and the LLCs shall undertake an interim closing of its books on the Closing Date for purposes of allocating items of income, gain, deduction and loss among its partners and members.
Interim Closing of the Books. The Partnership shall compute its income for the calendar year 2005 on the basis of an interim closing of the books on the date hereof. The Partnership's Net Income or Net Loss (or other items of income, gain, deductions or losses) for the periods beginning after the date hereof and ending on the date hereof shall not take into account any of the Option Expense.
Interim Closing of the Books. To the extent permitted by the Code and applicable regulations, in the event the Closing occurs on or prior to the 15th day of a month, the parties shall treat Buyer as entering the entities included in the Affordable Housing Group as of the first day of such month. In the event the Closing occurs after the 15th day of a month the parties shall treat Buyer as entering the entities included in the Affordable Housing Group as of Closing Date.
