Book Profits definition

Book Profits means profit & gains of the Business / Profession but before debiting any salary to the partners. If the firm is paying salary less than from the salary calculated by above formula, in that case lesser salary shall be allowed.
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Book Profits means the net profits of the company as per the profit & loss account (it is further adjusted however, the adjustment is not specified for brevity).
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Examples of Book Profits in a sentence

  • Except as otherwise provided in this Agreement, all items of Partnership income, gain, loss, deduction, and any other allocations, including allocation of Book Profits and Losses, shall be divided among the Partners in the same proportions as they share Taxable Income, Tax Credits, and Taxable Losses, as the case may be, for such fiscal year.

  • Allocations pursuant to this Section are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Partner's Capital Account or share of Book Profits and Losses, other items, or distributions pursuant to any provision of this Agreement.

  • Any allocation made pursuant to the immediately preceding sentence shall be made solely for tax purposes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or shares of Book Profits or Book Losses, and any elections or other decisions relating to such allocations made under the immediately preceding sentence shall be made in the discretion of the Tax Matters Member consistent with the economic arrangement of this Agreement.

  • For any Allocation Period ending after the Class B Common Measuring Date, if the Company has Combined Book Profits for such Allocation Period and if there is no Special Allocation Amount as of the beginning of such Allocation Period, then to each of the Common Members in accordance with such Common Member's Percentage Interest.

  • Section 6.1. Allocations of Tax Book Profits and Tax Book Losses 29 Section 6.2. Allocations for Tax Purposes 30 Section 6.3. Certain Accounting Matters 30 Section 6.4. Section 704(c) Allocations 30 Section 6.5. Qualified Income Offset 30 Section 6.6. Gross Income Allocation 31 Section 6.7. LLP Minimum Gain Chargeback 31 Section 6.8. Member Nonrecourse Debt Minimum Gain Chargeback 31 Section 6.9. Limitations on Tax Book Loss Allocations 31 Section 6.10.

  • For purposes of this provision, the term Aggregate Net Book Profits of the Partnership for all earlier periods means the excess (if any) of (i) the cumulative Net Book Profits of the Partnership for each preceding year or other period over (ii) the cumulative Net Book Losses of the Partnership for each preceding year or other period.

  • Except as otherwise provided in this Agreement, all Taxable Income, Tax Losses, Tax Credits, Book Profits and Losses, and cash distributions shall by a class of Partners shall be shared by each Partner in such class in the ratio of such Partner's paid-in Capital Contribution to the paid-in Capital Contribution of the class of Partners of which such Partner is a member.

  • Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction, and any other allocations, including allocations of Book Profits and Losses, not otherwise provided for shall be divided among the Members in the same proportions as they share Profits and Losses, as the case may be, for such Fiscal Year.

  • Each item of such income, gain, loss or expense giving rise to such Net Book Profits or Net Book Losses of the Partnership for such period shall be allocated among the Partners in the same proportion that such Net Book Profits or Net Book Losses of the Partnership for such period are allocated among the Partners.

  • For purposes of computing the amount of any items of income, gain, loss or expense to be reflected in the Partners' Capital Accounts (hereinafter the net of such items being referred to as the "Net Book Profits" or the "Net Book Losses" of the Partnership), the determination, recognition and classification of such items shall be determined using the accounting principles set forth in the Treasury Regulations promulgated under Code Section 704(b), consistently applied from year to year.

Related to Book Profits

  • Operating Profits means, as applied to any Person for any period, the operating income of such Person for such period, as determined in accordance with GAAP.

  • unrealized profits means the fair market value of the gain to such Person of replacing such Rate Management Transaction as of the date of determination (assuming such Rate Management Transaction were to be terminated as of that date).

  • Common profits means the balance of all income, rents, profits and revenues from the common areas and facilities remaining after the deduction of the common expenses;

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel:

  • Undivided profits means the amount of retained earnings and any additional amounts held in capital reserve accounts of the savings bank.