Common use of Qualified Income Offset Clause in Contracts

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 69 contracts

Samples: Agreement (US Federal Properties Trust Inc.), Agreement (Bluerock Residential Growth REIT, Inc.), Agreement (HC Government Realty Trust, Inc.)

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Qualified Income Offset. If a Partner Member receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such PartnerMember’s Capital Account that exceeds the sum of such PartnerMember’s shares of Partnership Company Minimum Gain and Partner Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner Member shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner Member in accordance with this Section 5.01(d5.1(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner Member in an amount necessary to offset the income or gain previously allocated to such Partner Member under this Section 5.01(d5.1(d).

Appears in 5 contracts

Samples: Limited Liability Company Operating Agreement (Ellington Financial Inc.), Limited Liability Company Operating Agreement (Ellington Financial LLC), Limited Liability Company Operating Agreement (Ellington Financial Inc.)

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 5 contracts

Samples: INREIT Real Estate Investment Trust, INREIT Real Estate Investment Trust, INREIT Real Estate Investment Trust

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 5 contracts

Samples: Wells Timberland REIT, Inc., Wells Timber Real Estate Investment Trust, Inc., Wells Timber Real Estate Investment Trust, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 5 contracts

Samples: Agreement (American Realty Capital Properties, Inc.), Agreement (American Realty Capital Properties, Inc.), Limited Partnership Agreement (Generation Income Properties, Inc.)

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(d), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 5 contracts

Samples: Partnership Interest Purchase and Exchange Agreement (United Dominion Realty Trust Inc), Winston Hotels Inc, United Dominion Realty Trust Inc

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 5 contracts

Samples: Schedules and Exhibits (Four Springs Capital Trust), Four Springs Capital Trust, GMH Communities Trust

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 4 contracts

Samples: Agreement (Investors Real Estate Trust), Agreement (Richmond Honan Medical Properties Inc.), Investors Real Estate Trust

Qualified Income Offset. If a the Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a the Limited Partner in accordance with this Section 5.01(d)5.5, to the extent permitted by Regulations Section section 1.704-1(b)) and Section 5.6 hereof, items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d)5.5.

Appears in 4 contracts

Samples: Limited Partnership Agreement (Ocwen Asset Investment Corp), Limited Partnership Agreement (Ocwen Asset Investment Corp), Limited Partnership Agreement (Ocwen Asset Investment Corp)

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(h), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(h).

Appears in 4 contracts

Samples: NNN Apartment REIT, Inc., A Reit Inc, NNN Apartment REIT, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 4 contracts

Samples: Wells Real Estate Investment Trust Iii Inc, Wells Real Estate Investment Trust Ii Inc, Institutional REIT, Inc.

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-1.704- 2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.1(c).

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Alter Robert A), Agreement and Plan of Merger (Westbrook Real Estate Partners LLC), Sunstone Hotel Investors Inc

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Non-recourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1.704- 1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 3 contracts

Samples: Agreement (Supertel Hospitality Inc), Agreement (Supertel Hospitality Inc), Condor Hospitality Trust, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 3 contracts

Samples: Agreement (Ocwen Asset Investment Corp), Aegis Investment Trust, Wells Total Return REIT, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 3 contracts

Samples: Wells Timberland REIT, Inc., Wells Timberland REIT, Inc., Wells Timber Real Estate Investment Trust, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1.704- 1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1.704- 1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 3 contracts

Samples: Summit Hotel Properties, Inc., Summit Hotel Properties, Inc., Summit Hotel Properties, Inc.

Qualified Income Offset. If a Partner receives in any taxable ----------------------- year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 3 contracts

Samples: Hudson Hotels Trust, Wells Real Eastate Investment Trust Inc, Prentiss Properties Trust/Md

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 3 contracts

Samples: Windrose Medical Properties Trust, American Financial Realty Trust, Medical Properties Trust Inc

Qualified Income Offset. If a Partner Member receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1.704- 1(b)(2)(ii)(d) that causes or increases a deficit balance in such PartnerMember’s Capital Account that exceeds the sum of such PartnerMember’s shares of Partnership Company Minimum Gain and Partner Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner Member shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner Member in accordance with this Section 5.01(d6.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner Member in an amount necessary to offset the income or gain previously allocated to such Partner Member under this Section 5.01(d6.1(c).

Appears in 3 contracts

Samples: Exchange Agreement, Operating Agreement, Operating Agreement

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(bl(b) and Section 5.01(e), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 2 contracts

Samples: UDR, Inc., United Dominion Realty L P

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 2 contracts

Samples: Agreement (Investors Real Estate Trust), Investors Real Estate Trust

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(e), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(f), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(e).

Appears in 2 contracts

Samples: RFS Hotel Investors Inc, RFS Hotel Investors Inc

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 2 contracts

Samples: Innkeepers Usa Trust/Fl, Innkeepers Usa Trust/Fl

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d)6.4, to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d)6.4.

Appears in 2 contracts

Samples: Agreement (Federal Realty OP LP), Agreement (Federal Realty OP LP)

Qualified Income Offset. If a Limited Partner receives in ----------------------- any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1.704- 1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 2 contracts

Samples: Patriot American Hospitality Inc, Patriot American Hospitality Inc

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(bl(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 2 contracts

Samples: Golf Trust of America Inc, Golf Trust of America Inc

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gainnonrecourse debt minimum gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.1(c).

Appears in 2 contracts

Samples: Agreement (GLADSTONE LAND Corp), Gladstone Commercial Corp

Qualified Income Offset. If a Partner Member receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Member's Capital Account that exceeds the sum of such Partner’s Member's shares of Partnership Company Minimum Gain and Partner Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner Member shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d1.7041(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner Member in accordance with this Section 5.01(d6.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner Member in an amount necessary to offset the income or gain previously allocated to such Partner Member under this Section 5.01(d6.1(c).. (d)

Appears in 1 contract

Samples: Operating Agreement (Central Vermont Public Service Corp)

Qualified Income Offset. If a Limited Partner receives in any ----------------------- taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Non-recourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1.704- 1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Agreement (Humphrey Hospitality Trust Inc)

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).. -18-

Appears in 1 contract

Samples: Hersha Hospitality Trust

Qualified Income Offset. If a Limited Partner receives in any taxable fiscal year an adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable fiscal year (and, if necessary, later taxable fiscal years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d1 (b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Equity Inns Inc

Qualified Income Offset. If a Limited Partner receives in any taxable fiscal year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable fiscal year (and, if necessary, later taxable fiscal years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Winston Hotels Inc

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.1(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.1(d).

Appears in 1 contract

Samples: Strawberry Fields REIT, Inc.

Qualified Income Offset. If a Partner Member receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Member's Capital Account that exceeds the sum of such Partner’s Member's shares of Partnership Company Minimum Gain and Partner Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner Member shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner Member in accordance with this Section 5.01(d5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner Member in an amount necessary to offset the income or gain previously allocated to such Partner Member under this Section 5.01(d5.1(c).

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Arbor Realty Trust Inc)

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Qualified Income Offset. If a Limited Partner receives in any ----------------------- taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1.704- 1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Patriot American Hospitality Operating Co\de

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(h), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(h).

Appears in 1 contract

Samples: Landmark Apartment Trust of America, Inc.

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d1 (b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(bl(b) and Section 5.01(d), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: United Dominion Realty Trust Inc

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Non recourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account negative capital account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(d), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Agreement (W2007 Grace Acquisition I Inc)

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b1.7041(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Limited Partnership Agreement (CapLease, Inc.)

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.1(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.1(d).

Appears in 1 contract

Samples: Western Properties Trust

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d1.704- l(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(bl(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Capital Automotive Reit

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Hersha Hospitality Trust

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d1.704- l(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(bl(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Capital Automotive Reit

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(bl(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Limited Partnership Agreement (Presidential Realty Corp/De/)

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Non-recourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit negative Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Humphrey Hospitality Trust Inc

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or CH\2141662.3 loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Xenia Hotels & Resorts, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1.704- 1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Columbia Equity Trust, Inc.

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit negative balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account negative capital account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b) and Section 5.01(d), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Equity Inns Inc

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1.704- 1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

Appears in 1 contract

Samples: Asset Capital Corporation, Inc.

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gainnonrecourse debt minimum gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.1(c).

Appears in 1 contract

Samples: Agreement (Gladstone Commercial Corp)

Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g2 (g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this Section 5.01(d5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner Painter under this Section 5.01(d5.1(c).

Appears in 1 contract

Samples: Limited Partnership Agreement (Dakota Real Estate Investment Trust)

Qualified Income Offset. If a Partner receives in any taxable year an ----------------------- adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(h), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(h).

Appears in 1 contract

Samples: T Reit Inc

Qualified Income Offset. If a Partner receives in any taxable year ----------------------- an adjustment, allocation allocation, or distribution described in subparagraphs subparagraph (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(h), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(h).

Appears in 1 contract

Samples: G Reit Inc

Qualified Income Offset. If a Partner Member receives in any taxable year an adjustment, allocation or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Member's Capital Account that exceeds the sum of such Partner’s Member's shares of Partnership Company Minimum Gain and Partner Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner Member shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner Member in accordance with this Section 5.01(d6.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner Member in an amount necessary to offset the income or gain previously allocated to such Partner Member under this Section 5.01(d6.1(c).

Appears in 1 contract

Samples: Operating Agreement (Wisconsin Public Service Corp)

Qualified Income Offset. If a Partner receives in any taxable year an ----------------------- adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s 's Capital Account that exceeds the sum of such Partner’s 's shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(c).

Appears in 1 contract

Samples: Prentiss Properties Trust/Md

Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation allocation, or distribution described in subparagraphs (4), (5) ), or (6) of Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(dl(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d5.01(e), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d5.01(e).

Appears in 1 contract

Samples: Agreement (Columbia Property Trust Operating Partnership, L.P.)

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