Tax Position. Such Partner will not, without the consent of the General Partner, take a position on such Partner’s U.S. federal income tax return, in any claim for refund or in any administrative or legal proceedings that is inconsistent with this Agreement or with any information return filed by the Partnership. Notwithstanding the foregoing, a Partner may take any such position to the extent (A) it is advised by its tax counsel or tax accountant that such action is reasonably necessary to comply with applicable law and (B) it promptly notifies the General Partner of such action.
Appears in 3 contracts
Sources: Agreement of Exempted Limited Partnership (Taylor Morrison Home Corp), Agreement of Exempted Limited Partnership (Taylor Morrison Home Corp), Agreement of Exempted Limited Partnership