Examples of Partnership Property in a sentence
The Partners, by execution of this Agreement, waive their respective rights to partition of the Partnership Property.
In particular, the Partnership is initially designed as a vehicle for consolidating the management of the Partnership Property, specifically including HBB Class B Shares, providing for the succession of such management, and enhancing total returns from the Partnership Property.
Solely for the purposes of determining the balances of the Partner’s Capital Accounts at that time, any Partnership Property that is distributed in kind shall be treated as though such Partnership Property were sold for its Fair Market Value as of the date of distribution, as determined by an Independent Appraiser.
Upon the approval of the General Partners, the Partnership shall file an election under Code Section 754 to adjust the tax basis of the Partnership Property, with respect to any distribution of Partnership Property to a Partner permitted by this Agreement or a Transfer of a Partnership Interest in accordance with the terms of this Agreement, in accordance with Code Sections 734(b) and 743(b).
The General Partner was acting within the scope of its authority in selling the Partnership Property, and it sold the Partnership Property pursuant to the express purpose for which the Partnership was formed.