Depletable Property definition

Depletable Property means each separate oil and gas property as defined in Code Section 614.

Depletable Property has the meaning set forth in Section 5.6(b) hereof.

Depletable Property means each separate oil and gas property as defined in Code Section 614 owned by the Partnership as a result of a Capital Contribution, acquisition or otherwise.

Examples of Depletable Property in a sentence

• The Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable Property by the Company, any adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence.

• Cost and percentage depletion deductions with respect to any Depletable Property shall be computed separately by the Members rather than the Company.

• Upon the request of the Company, each Member shall advise the Company of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto, both as computed in accordance with the provisions of this subsection.

• Further, upon the occurrence of an adjustment to the Carrying Values of the Depletable Properties of the Company pursuant to clause (ii) of the definition of Carrying Value, except as provided in Section 5.05(b), the proportionate share of the adjusted tax basis of each such Depletable Property shall be reallocated among the Members based upon the relative Capital Interest Percentages of the Members as of the date of such adjustment.

• Following any allocation or reallocation of adjusted tax basis of Depletable Property, or for purposes of any other allocations subject to this Section 5.05(b), the Company shall, for each Depletable Property or other Property, select from the allocation methods described in Treasury Regulation Section 1.704-3 the method that the Manager determines is in the best interest of the Company and the Members.

More Definitions of Depletable Property

Depletable Property means each separate oil and gas property as defined in Section 614 of the Code held by the Company directly or indirectly through Holdco.

Depletable Property means interests in oil, gas or other minerals eligible for depletion under Code Section 613 or 613A.

Depletable Property shall have the meaning assigned to such term in Section 4.3(b).

Depletable Property shall have the meaning assigned to it in SECTION 4.3(B).

Depletable Property means any Property, the production from which is or would be (in the case of nonproducing property) subject to depletion under Sections 611, et seq., of the Code.

Depletable Property means the economic interests held by the Company in oil and gas producing properties that are subject to the allowance for depletion in accordance with section 611 of the Code.

Depletable Property means each separate oil and gas property as detailed in Section 614 of the Code that is Company Property.