Reduction of Basis Sample Clauses

Reduction of Basis. In the event that a Member’s interest in the Company may be treated in whole or in part as depreciable property for purposes of reducing such Member’s basis in such interest pursuant to Section 1017(b)(3)(C) of the Code, the Managing Member may, upon the request of such Member, make a corresponding reduction in the basis of the Company’s depreciable property with respect to such Member. Such request shall be submitted to the Company in writing, and shall include such information as may be reasonably required in order to effect such reduction in basis.

Reduction of Basis. In the event that a Member's interest in the Company may be treated in whole or in part as depreciable property for purposes of reducing such Member's basis in such interest pursuant to section 1017(b)(3)(C) of the Code, the Manager may, upon the request of such Member, make a corresponding reduction in the basis of its depreciable property with respect to such Member, and shall make such adjustment if required by Treas. Reg. Section 1.1017-1(g)(2)(C). Such request shall be submitted to the Company in writing, and shall include such information as may be reasonably required in order to effect such reduction in basis. Entity Classification. Neither the Company nor any Member shall file or cause to be filed any election, the effect of which would be to cause the Company to be classified as other than a partnership for federal income tax purposes, without the prior written consent of all Members. tax matters partner Tax Matters Partner. The Tax Matters Partner has the power to: Enter into a settlement agreement with the Service with respect to determinations of Company tax items which shall bind each Member other than the Nonparticipating Members, which settlement may be on such terms as the Tax Matters Partner determines in its sole discretion to be in the best interests of the Members as a class; In its sole discretion, decide whether or not to commence judicial action for review of Company items included in a notice of final Company administrative adjustment, with the selection of the appropriate court and the Company items to be contested to be determined in the sole discretion of the Tax Matters Partner; In its sole discretion, determine whether to appeal from an adverse decision in an action commenced under Section 6.01(b) of this Appendix B and prosecute any such appeal; In its sole discretion, intervene on behalf of the Company in any judicial action commenced by any other Member or notice group defined in Section 6223(b)(2) of the Code as to Company tax items; File a request with the Service for an administrative adjustment as a substituted Company return, or otherwise, and to request judicial review on behalf of the Company as to any part of a request for administrative adjustment not allowed by the Service, with the selection of the appropriate court, the Company items to be contested, and the decision whether to appeal from an adverse decision in any such action to be determined in the sole discretion of the Tax Matters Partner; In its sole discre...

Reduction of Basis. In the event that a Partner's interest in the Partnership may be treated in whole or in part as depreciable property for purposes of reducing such Partner's basis in such interest pursuant to section 1017(b)(3)(C) of the Code, the Partnership shall, upon the request of such Partner, make a corresponding reduction in the basis of its depreciable property with respect to such Partner. Such request shall be submitted to the Partnership in writing, and shall include such information as may be reasonably required in order to effect such reduction in basis. (End of Appendix A]

Reduction of Basis. In the event that a Member’s interest in the Joint Venture Company may be treated in whole or in part as depreciable property for purposes of reducing such Member’s basis in such interest pursuant to section 1017(b)(3)(C) of the Code, the Board of Managers may, upon the request of such Member, make a corresponding reduction in the basis of its depreciable property with respect to such Member. Such request shall be submitted to the Joint Venture Company in writing, and shall include such information as may be reasonably required in order to effect such reduction in basis. The costs of the Joint Venture Company in making and implementing any such adjustments shall be borne by the Member making such request.