Net Profits Allocation definition
Net Profits Allocation means an allocation of Profits that causes, for any applicable periods beginning after the Effective Date, the cumulative amount of Profits allocated to such Partner to exceed the cumulative amount of Losses allocated to such Partner. For this purpose, Profits and Losses shall be computed without the adjustments set forth in subparagraphs (a) through (f) of Section 1.1.59 relative to the determination of “Profits and Losses” and shall include all Section 704 (c) Allocations reportable by a Partner for federal income tax purposes.