Method of Accounting for Book and Tax Purposes. For purposes of making allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.3), Capital Accounts and Profits, Losses and other items described in Section 4.1 shall be determined in accordance with federal income tax accounting principles utilizing the accrual method of accounting, with the adjustments required by Regulation §1.704-1(b) to properly maintain Capital Accounts.
Appears in 5 contracts
Samples: Agreement (Millennium Chemicals Inc), Lease Agreement (Millennium Chemicals Inc), Lease Agreement (Equistar Chemicals Lp)
Method of Accounting for Book and Tax Purposes. For purposes of making allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.3), Capital Accounts and Profits, Losses and other items described in Section 4.1 shall be determined in accordance with federal income tax accounting principles utilizing the accrual method of accounting, with the adjustments required by Regulation §1.704ss.1.704-1(b) to properly maintain Capital Accounts.
Appears in 3 contracts
Samples: Lyondell Chemical Co, Millennium Chemicals Inc, Equistar Chemicals Lp
Method of Accounting for Book and Tax Purposes. For purposes of making allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.3), Capital Accounts and Profits, Losses and other items described in Section 4.1 shall be determined in accordance with federal income tax accounting principles utilizing the accrual method of accounting, with the adjustments required by Regulation §1.704(S)1.704-1(b) to properly maintain Capital Accounts.
Appears in 2 contracts
Samples: Lyondell Petrochemical Co, Lyondell Petrochemical Co
Method of Accounting for Book and Tax Purposes. For purposes of making ---------------------------------------------- allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.3), Capital Accounts and Profits, Losses and other items described in ------------ Section 4.1 shall be determined in accordance with federal income tax accounting ----------- principles utilizing the accrual method of accounting, with the adjustments required by Regulation §Section 1.704-1(b) to properly maintain Capital Accounts.
Appears in 2 contracts
Samples: Lease Agreement (Lyondell Chemical Co), Lease Agreement (Equistar Chemicals Lp)
Method of Accounting for Book and Tax Purposes. For purposes of making allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.312.2), Capital Accounts and Profits, Profits and Losses and other items described in Section 4.1 shall be determined in accordance with federal income tax accounting principles utilizing the accrual method of accounting, with the adjustments required by Regulation §Section 1.704-1(bl(b) to properly maintain Capital Accounts.
Appears in 1 contract
Method of Accounting for Book and Tax Purposes. For purposes of making allocations and distributions hereunder (including distributions in liquidation of the Partnership in accordance with Capital Account balances as required by Section 12.3), Capital Accounts and Profits, Losses and other items described in Section 4.1 shall be determined in accordance with federal income tax accounting principles utilizing the accrual method of accounting, with the adjustments required by Regulation §Section 1.704-1(b) to properly maintain Capital Accounts.
Appears in 1 contract
Samples: Occidental Petroleum Corp /De/