Adjusted Basis definition

Adjusted Basis has the meaning given such term in Section 1011 of the Code.

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Adjusted Basis. The basis for determining gain or loss for federal income tax purposes from the sale or other disposition of property, as defined in Section 1011 of the Code.

Adjusted Basis means the Owner’s basis in a building, adjusted by depreciation and other adjustments that impact basis, computed in accordance with federal income tax law. In general, adjusted basis is determined with reference to the cost of the building (excluding land) in the hands of the Owner at the time of acquisition, decreased by depreciation and other deductions that reduce basis, and increased by costs incurred in connection with the building and capitalized to the building, such as the cost of improvements to the building.

Examples of Adjusted Basis in a sentence

• Items of income, gain, loss and deduction with respect to any property contributed to the Company shall, solely for tax purposes, be allocated among the Members in accordance with Code Section 704(c) and the Treasury Regulations thereunder so as to take account of any variation between the Adjusted Basis and the initial Gross Asset Value of such property.

• The Partners hereby agree to use the “Traditional Method” under Section 1.704-3(b)(i) of the Regulations to take into account the variation between the adjusted Carrying Value of the Property (as allocated among the assets) and the Adjusted Basis of such assets.

• Upon an adjustment pursuant to Section 7.10(D) to the Carrying Value of any Partnership property subject to depreciation, cost recovery or amortization, any further deductions for such depreciation, cost recovery or amortization attributable to such property shall be determined as if the Adjusted Basis of such property were equal to the Carrying Value of such property immediately following such adjustment.

• In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the Adjusted Basis of such property to the Partnership for federal income tax purposes and its initial Gross Asset Value.

• The Tax Matters Member shall cause the LLC to file an election under Section 754 of the Code to provide for an adjustment to the Adjusted Basis of LLC Assets if requested to by a Member in connection with the disposition of an LLC interest by that Member.

More Definitions of Adjusted Basis

Adjusted Basis means, as of any date of determination, the -------------- Company's adjusted basis in any asset as of such date, as determined for Federal income tax purposes pursuant to Section 1011 of the Code.

Adjusted Basis is defined in Section 1011 of the Code.

Adjusted Basis means, with respect to Partnership assets as of any date of determination, the Partnership’s adjusted basis in such assets, as determined for federal income tax purposes.

Adjusted Basis means the basis of the Company's Property as determined for federal income tax purposes pursuant to Code Section 1011.

Adjusted Basis shall have the meaning set forth in Section 8.04(b) hereof.

Adjusted Basis means, as determined by the Directors in their sole discretion, with respect to any Shareholder of a Series, either (x) his revaluation account balance or (y) the amount by which the Net Asset Value of his Shares of that Series that were redeemed or transferred during the taxable year (determined in accordance with Section 9.03) as of such time either (A) exceeds his "adjusted tax basis", for federal income tax purposes, in those Shares or (B) is lower than his "adjusted tax basis", for federal income tax purposes, in those Shares and (ii) the term "Adjusted Basis Shareholder" shall mean any Shareholder of a Series whose Shares of that Series are redeemed or transferred and who has an Adjusted Basis with respect to the Shares that were redeemed or transferred as of the effective date of that redemption or transfer.

Adjusted Basis means, with respect to any Security, its adjusted basis for federal income tax purposes.