TAX PRINCIPLES. For so long as the Company is owned by a sole Member, it shall be treated as a disregarded entity for Federal and state income tax purposes pursuant to Sections 301.7701-2 and 301.7701-3 of the Treasury Regulations and corresponding provisions of state law. Upon the admission to the Company of more than one Member, the Company shall be treated as having become, in the manner prescribed by Sections 301.7701-2 and 301.7701-3 of the Treasury Regulations and Internal Revenue Service Revenue Rulings 99-5 and 99-6, a partnership for Federal and state income tax purposes pursuant to Sections 301.7701-2 and 301.7701-3 of the Treasury Regulations and corresponding provisions of state law, and this Agreement will be amended accordingly to reflect the same. [remainder of page intentionally left blank]
Appears in 10 contracts
Samples: Limited Liability Company Agreement (Brooks Pharmacy, Inc.), Limited Liability Company Agreement (Brooks Pharmacy, Inc.), Limited Liability Company Agreement (Brooks Pharmacy, Inc.)
