Simulated Gain. On the taxable disposition of an oil and gas property by the Joint Venture, the Joint Venture shall compute a simulated gain or loss by subtracting its simulated adjusted basis in such property from the amount realized on the disposition of such property.
Appears in 3 contracts
Sources: Joint Venture Agreement (Vadda Energy Corp), Joint Venture Agreement (Vadda Energy Corp), Joint Venture Agreement (Vadda Energy Corp)