Allocable Net Income definition
Allocable Net Income means, for any taxable period, an amount equal to the Partnership’s Net Income or Net Loss for such year or period computed without regard to the following items:
(A) Loss resulting from any disposition of Partnership property, including amounts described in paragraph (c) and paragraph (f) of the definition of “Net Income”; and
(B) Depreciation; provided, however, (x) that Allocable Net Income of the Partnership for any taxable period, shall be limited to and shall not exceed the Partnership’s Taxable Income for such taxable period; and (y) if Allocable Net Income is a negative number, it shall be treated as zero.
Allocable Net Income means, for any taxable period, an amount equal to the Partnership’s Net Income or Net Loss for such year or period computed without regard to the following items:
Allocable Net Income has the meaning set forth in Section 6.2 hereof.