Net Profits and Net Losses definition

Net Profits and Net Losses means the profits or losses of the Partnership in accordance with accounting method followed for federal income tax purposes.

Net Profits and Net Losses means the net taxable income or net taxable loss of the Company, respectively, as determined for federal income tax purposes, for each fiscal year of the Company, plus any income that is exempt from federal income tax and minus expenditures that are not deductible in computing federal taxable income and not properly chargeable to capital accounts, in each case to the extent such items are not otherwise taken into account in computing Net Profits or Net Losses.

Net Profits and Net Losses means, for each Fiscal Year or other period, an amount equal to the Partnership’s taxable income or loss, as the case may be, for such year or period, determined in accordance with Section 703(a) of the Code (and for this purpose, all items of income, gain, loss, and deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss); provided, however, for purposes of computing such taxable income or loss:

Examples of Net Profits and Net Losses in a sentence

• In such case, Capital Contributions, distributions, redemptions and allocations of Net Profits and Net Losses shall be determined separately for each such Capital Account as if it were held by a separate Member and each such separate Capital Account will be treated as a Capital Account for all purposes pursuant to this Limited Liability Company Agreement.

• The Net Profits and Net Losses of the Company and other allocable items shall be determined in accordance with accounting principles applied on a consistent basis using the cash or accrual method of accounting as the Manager may determine to be appropriate.

• Net Profits and Net Losses and any other items of income, gain, loss, or deduction shall be allocated to the Members and Assignees pursuant to this Section 9.1 as of the last day of each year; provided that Net Profits and Net Losses and such other items shall also be allocated at such times as the Fair Market Values of the Company’s property are adjusted.

• The Members and Assignees are aware of the income tax consequences of the allocations made by this Section 9.1 and hereby agree to be bound by the provisions of this Section 9.1 in reporting their respective share of Net Profits and Net Losses and other allocable items for income tax purposes, except to the extent otherwise required by law.

• For purposes of determining the Net Profits and Net Losses or any other items allocable to any period, Net Profits and Net Losses and any such other items shall be determined on a monthly, or other basis, as determined by the Manager using any permissible method under Code § 706 and the Treasury Regulations under that section.

More Definitions of Net Profits and Net Losses

Net Profits and Net Losses means, for any period, the net profits and net losses, respectively, derived from the operation of the Company for Federal income tax purposes, including gains and losses on the sale of all or any portion of the Company’s assets.

Net Profits and Net Losses. Means, for each Fiscal Year, the Company’s taxable income or loss for such year determined in accordance with the Code. For this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant the Code shall be included in taxable income or loss with the following adjustments (without duplication):

Net Profits and Net Losses means, for each Fiscal Year or other period, an amount equal to the Company's taxable income or loss for such year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, or loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss).

Net Profits and Net Losses means, for a Company Year, an amount equal to the Company’s taxable income or loss for such period determined in accordance with Code Section 703(a), adjusted as follows:

Net Profits and Net Losses means for each taxable year of the Company an amount equal to the Company’s net taxable income or loss for such year as determined for federal income tax purposes (including separately stated items) in accordance with the accounting method and rules used by the Company and in accordance with Code § 703 with the following adjustments:

Net Profits and Net Losses means the taxable income and loss of the Venture. The "Book" value of an asset shall be substituted for its adjusted tax basis if the two differ, but otherwise Net Profits and Net Losses shall be determined in accordance with Federal Income Tax principles.

Net Profits and Net Losses has the meaning set forth in Exhibit C.