Partnership Income definition

Partnership Income means, with respect to each calendar year ------------------ of the Company, and for so long as the Company is a pass-through entity for U.S. federal income tax purposes, the taxable income the Company would have had if it were a corporation incorporated in the United States, excluding any Subpart F Income, reduced by the amount of taxable loss allocated to the Shareholders and the Management Shareholders for all prior calendar years (except to the extent that such taxable losses have been previously taken into account with respect to a prior calendar year).
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Partnership Income means the income of the Partnership;
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Partnership Income and "Partnership Loss", for any period, mean, respectively, the realized and unrealized income or loss determined by subtracting (i) the sum of (A) all items of expense incurred by the Partnership during the period and (B) all items of loss incurred during the period by the Partnership, (including any deduction or amortization expenses incurred in connection with the formation and organization of the Partnership), from (ii) the sum of (A) all items of income realized during the period by the Partnership and (B) all items of gain during the period of the Partnership whether or not such gain has been realized. For purposes of determining Partnership Income and Partnership Loss, the Partnership will have a gain or loss with respect to an investment during any period if the valuation (determined pursuant to Section 3.03) of the investment at the end of the period, or the amount of the proceeds of the disposition of the investment if the disposition occurs during the period, is greater than, or less than, the valuation (determined pursuant to Section 3.03) of the investment at the beginning of the period, or the cost of the investment if the investment is acquired during the period. Notwithstanding the foregoing, Partnership Income and Loss shall not include any income or loss attributable to Special Investments which is specifically allocated hereunder.
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Examples of Partnership Income in a sentence

  • Contributions in excess of Federal limits and taxable for Federal income tax purposes may not be included on this line.Enter on Line 3, Column B, the amount from Column A multiplied by the business allocation percentage from Line 16b, Form NJ-1065.Line 4 – Distributive Share of Partnership Income (Loss) Add Lines 1 and 2, Column A, then subtract Line 3, Column A from this result.

  • For example, either a copy of the IRS Form 1065, U.S. Return of Partnership Income or Schedule E (IRS Form 1040) Supplemental Income and Loss (for partnerships and S corporations) OR IRS Form 1120, U.S. Corporation Income Return.

  • Net Distributive Share of Partnership Income ............................

  • If your investment club is treated as a partnership, it must file Form 1065,U.S. Return of Partnership Income.

  • Allocation of Partnership Income, Gains, Losses, Deductions and CreditsProfits and Losses are allocated to the partners under the Operating Agreement.

  • Also use the Worksheet for Attributing Partnership Income to Unitary Corporate Partners to compile additional information for reporting distributive share income.

  • Use Form 1065, U.S. Re- turn of Partnership Income, if your rental activity is a partnership (including a partnership with your spouse unless it is a qualified joint ven- ture).

  • Nonbusiness income deductions must be supported by completing IT-20 Schedule F, Allocation of Non-business Income and Indiana Non-unitary Partnership Income.

  • See Department of the Treasury, Internal Revenue Service, 2011 Instructions for Form 1065, U.S. Return of Partnership Income, p.

  • Official business documents include corporate resolutions or other business organizational documents, business tax returns or Schedule K-1 (IRS Form 1065), U.S. Return of Partnership Income, or an official letter from a certified public accountant on their business letterhead.


More Definitions of Partnership Income

Partnership Income and "Partnership Loss", for any period, mean, respectively, the realized and unrealized income or loss determined by subtracting (i) the sum of (A) all items of expense incurred by the Partnership during the period and (B) all items of loss incurred during the period by the Partnership, whether or not such loss has been realized (including any deduction or amortization expenses incurred in connection with the formation and organization of the Partnership), from (ii) the sum of (A) all items of income realized during the period by the Partnership and (B) all items of gain during the period of the Partnership whether or not such gain has been realized. For purposes of determining Partnership Income and Partnership Loss, the Partnership will have a gain or loss with respect to an investment during any period if the valuation (determined pursuant to Section 3.03) of the investment at the end of the period, or the amount of the proceeds of the disposition of the investment if the disposition occurs during the period, is greater than, or less than, the valuation (determined pursuant to Section 3.03) of the investment at the beginning of the period, or the cost of the investment if the investment is acquired during the period.
Sample 1
Partnership Income and “Partnership Loss” shall mean, for each Fiscal Year or other period, an amount equal to the Partnership’s taxable income or loss for such Fiscal Year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(l) of the Code shall be included in taxable income or loss), with the following adjustments: DB1/ 110472963.3
Sample 1
Partnership Income and “Partnership Loss” for any period, mean, respectively, the profits, income, gain, credit, deduction or loss determined by the Partnership in accordance with GAAP. In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraphs (c) or (d) of the definition of Gross Asset Value, the amount of such adjustment will be treated as an item of Partnership Income (if the adjustment increases the Gross Asset Value of the asset) or Partnership Loss (if the adjustment decreases the Gross Asset Value of the Asset) from the disposition of such asset, and shall be taken into account in determining Partnership Income and Partnership Loss.
Sample 1

Related to Partnership Income

  • Partnership Percentage means the percentage share of each Partner in the Net Income or Net Loss of the Partnership. The Partners’ initial Partnership Percentages shall be proportionate to the Partners’ initial Capital Contributions to the Partnership. Thereafter, subject to Section 1.68(g), such Partnership Percentages shall be adjusted only to reflect a disproportionate Capital Contribution by one or more Partners or a disproportionate distribution to one or more Partners, with disproportion being determined in accordance with Sections 4.2(a) and 4.5(b), except as set forth in Section 1.68(f).

  • Partnership Interest means an interest in the Partnership, which shall include the General Partner Interest and Limited Partner Interests.

  • Deemed Partnership Interest Value means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner's Percentage Interest of such class.

  • General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest.

  • Partnership Minimum Gain has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d).

  • Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of the Act.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • Partnership Unit means, with respect to any class of Partnership Interest, a fractional, undivided share of such class of Partnership Interest issued pursuant to Sections 4.1 and 4.3 (including Performance Units). The ownership of Partnership Units may be evidenced by a certificate for units substantially in the form of Exhibit D-1 or D-2 hereto or as the General Partner may determine with respect to any class of Partnership Units issued from time to time under Sections 4.1 and 4.3.

  • Partnership Assets means all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interest in other partnerships), at any time owned or represented by any Partnership Interest.

  • Foreign limited partnership means a partnership formed under laws other than of this state and having as partners one or more general partners and one or more limited partners.

  • Partnership Interests shall have the meaning specified in Section 6.3 [Subsidiaries].

  • Pledged Partnership Interests means all interests in any general partnership, limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.4(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests.

  • OP Unit Economic Balance has the meaning set forth in Section 6.03(c) hereof.

  • Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

  • Economic Interest means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business and affairs of the Company.

  • Partnership Subsidiary means Host LP and any partnership, limited liability company, or other entity treated as a partnership for federal income tax purposes or disregarded as a separate entity for federal income tax purposes in which either Host REIT or Host LP owns (or owned on or after January 1, 1999) an interest, either directly or through one or more other partnerships, limited liability companies or other entities treated as a partnership for federal income tax purposes or disregarded as a separate entity for federal income tax purposes (whether or not Host REIT or Host LP has a controlling interest in, or otherwise has the ability to control or direct the operation of, such entity). Notwithstanding the foregoing, the term “Partnership Subsidiary” shall not in any way be deemed to include the Non-Controlled Subsidiaries or subsidiaries thereof, the Taxable REIT Subsidiaries or subsidiaries thereof, or the Subsidiary REITs or subsidiaries thereof.

  • Partnership Security means any class or series of equity interest in the Partnership (but excluding any options, rights, warrants and appreciation rights relating to an equity interest in the Partnership), including without limitation, Common Units, Subordinated Units and Incentive Distribution Rights.

  • Partnership Property means any property, real, personal or mixed, or any interest therein or appurtenant thereto which may be owned or acquired by the Partnership.

  • Partner Minimum Gain means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).

  • Partnership Year means the fiscal year of the Partnership, which shall be the calendar year.

  • Common Unit Economic Balance has the meaning set forth in Section 5.01(g) hereof.

  • Virginia venture capital account means an investment fund that has been certified by the

  • Disqualified Partnership Any domestic entity classified as a partnership under the Code if any of its direct or indirect beneficial owners (other than through a U.S. corporation) are (or, under the applicable partnership agreement, are permitted to be) Disqualified Non-United States Tax Persons.

  • 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;

  • Member Nonrecourse Debt Minimum Gain means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).

  • Partner Nonrecourse Deductions means any and all items of loss, deduction or expenditure (including any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable to a Partner Nonrecourse Debt.