Section 754. Any election by the Company under Section 754 of the Code to adjust the basis of the Company assets pursuant to Section 734 of the Code or Section 743 of the Code shall be made in the sole discretion of the Board. If such an election is made, allocations of Company items of income, gain, receipt, loss, deduction, and credit shall be made in a manner consistent with such allocation of items in accordance with Section 734 and/or Section 743 of the Code, as the case may be.
Appears in 4 contracts
Sources: Member Control Agreement (South 8 Energy, LLC), Member Control Agreement, Member Control Agreement
Section 754. Any election by the Company under Section 754 of the Code to adjust the basis of the Company Company’s assets pursuant to Section 734 of the Code or and Section 743 of the Code shall be made in the sole discretion of the Board. If such an election is made, allocations allocation of Company items of the Company’s income, gain, receipt, loss, deduction, loss and credit deductions shall otherwise be made in a manner consistent with such allocation of items basis in accordance with Section 734 and/or Section 743 of the Code, as the case may be, notwithstanding any other provision of this Agreement.
Appears in 3 contracts
Sources: Member Control Agreement (Dakota Plains Holdings, Inc.), Member Control Agreement (Dakota Plains Holdings, Inc.), Member Control Agreement (MCT Holding Corp)