Recapture Income. Notwithstanding Section 6.4(a) hereof, if there is a gain on any sale, exchange or other disposition of Company property and all or a portion of such gain is characterized as ordinary income by virtue of the recapture rules of Code Section 1245 or 1250, or under the corresponding recapture rules of state or local income tax law, as the case may be, then, to the extent possible, such recapture income for United States and state and local tax purposes shall be allocated to the Members in the ratio that they were allocated Tax Depreciation previously taken and allowed with respect to the Company property being sold or otherwise disposed of.
Appears in 3 contracts
Samples: Registration Rights Agreement (Lexington Corporate Properties Trust), Operating Agreement (Lexington Corporate Properties Trust), Limited Liability Company Agreement (Lexington Corporate Properties Trust)
Recapture Income. Notwithstanding Section 6.4(a) hereof, if there is a gain on any sale, exchange or other disposition of Company property Partnership assets and all or a portion of such gain is characterized as ordinary income by virtue of the recapture rules of Code Section 1245 or 1250, or under the corresponding recapture rules of state or local income tax law, as the case may be, then, to the extent possible, such recapture income for United States and state and local tax purposes shall be allocated to the Members Partners in the ratio that they were allocated Tax Depreciation previously taken and allowed with respect to the Company property Partnership assets being sold or otherwise disposed of.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Lexington Master Limited Partnership), Limited Partnership Agreement (Lexington Realty Trust), Limited Partnership Agreement (Lexington Master Limited Partnership)
Recapture Income. Notwithstanding Section 6.4(a) hereof, if there is a gain on any sale, exchange or other disposition of Company Partnership property and all or a portion of such gain is characterized as ordinary income by virtue of the recapture rules of Code Section 1245 or 1250, or under the corresponding recapture rules of state or local income tax law, as the case may be, then, to the extent possible, such recapture income for United States and state and local tax purposes shall be allocated to the Members Partners in the ratio that they were allocated Tax Depreciation previously taken and allowed with respect to the Company Partnership property being sold or otherwise disposed of.
Appears in 3 contracts
Samples: Contribution Agreement (Federal Realty Investment Trust), Management Agreement (Lexington Corporate Properties Trust), Limited Partnership Agreement (Ramco Gershenson Properties Trust)
