Common use of Partners’ Allocable Shares Clause in Contracts

Partners’ Allocable Shares. Except as otherwise provided in this Agreement, the Partners agree that each party’s allocable share of Partnership income, gain, loss, deductions and credits shall be determined for a taxable year of the Partnership by using any method that is prescribed or permitted by the Secretary of the Treasury by regulations or other guidelines and selected for that taxable year by the Managing General Partner which takes into account the varying interests of the parties in the Partnership during the taxable year.

Partners’ Allocable Shares. Except as otherwise provided in this Agreement, the Partners agree that each party’s allocable share of Partnership income, gain, loss, deductions and credits shall be determined for a taxable year of the Partnership by using any method that is prescribed or permitted by the Secretary of the Treasury by regulations or other guidelines and selected for that taxable year by the Managing General Partner Partner, in its discretion, which takes into account the varying interests of the parties in the Partnership during the taxable year.