Common use of Patronage Clause in Contracts

Patronage. You hereby consent, in regard to your patronage with LC, whether occurring in the year in which you execute this consent or in subsequent fiscal years; to including in your gross income, as defined by the Internal Revenue Code, in the tax year in which you receive it, the full stated dollar amount of any patronage dividend that is paid to you by LC or its successors, in the form of money, qualified written notices of allocation or qualified written per-unit retain allocation certificates, or other property, unless any such patronage dividends are attributable to personal, living, or family items, or is properly taken into account as an adjustment to basis of property. You acknowledge that any above mentioned qualified allocation paid to you, whether by written notice, or per- unit retain certificate, is accompanied by cash in the amount of at least 20% of the full stated value of such allocation. You acknowledge that this consent shall be revocable by you at any time, in writing, as allowed under the Internal Revenue Code.