Common use of Special Basis Adjustments Clause in Contracts

Special Basis Adjustments. In the event of a transfer of all or any part of the Interest of the Investment Limited Partners or a transfer of all or any part of an interest of a partner of the Investment Limited Partners, the Partnership shall elect, upon the request of the Investment Limited Partners, pursuant to Section 754 of the Code, to adjust the basis of the Partnership property. Any adjustments made pursuant to said Section 754 shall affect only the successor in interest to the transferring Partner or partner thereof. Each Partner will furnish the Partnership all information necessary to give effect to such election. The General Partners, in their discretion, may cause the Partnership to make the Section 754 election even when the Partnership is not required to make it under this Section 12.5.

Special Basis Adjustments. In the event of a transfer of all or any part of the Interest of the Investment Limited Partners Partner or a transfer of all or any part of an interest of a partner of the Investment Limited PartnersPartner, the Partnership shall elect, upon the request of the Investment Limited PartnersPartner, pursuant to Section 754 of the Code, to adjust the basis of the Partnership property. Any adjustments made pursuant to said Section 754 shall affect only the successor in interest to the transferring Partner or partner thereof. Each Partner will furnish the Partnership all information necessary to give effect to such election. The General Partners, in their discretion, may cause the Partnership to make the Section 754 election even when the Partnership is not required to make it under this Section 12.5.