Pre-Contribution Gain definition
Pre-Contribution Gain means, with respect to each Project, any gain recognized under Section 704(c) of the Internal Revenue Code of 1986, as amended. This Section 2(d) shall inure to the benefit of only those Holders who recognize Pre-Contribution Gain in connection with the sale or other disposition of a Project.
Pre-Contribution Gain means that portion of the total taxable gain incurred by the Partnership with respect to an asset contributed by a Partner to the capital of the Partnership to the extent that such gain does not exceed the difference between (a) the initial Asset Value of the asset minus the amount of Depreciation claimed by the Partnership in respect of such asset and (b) the contributing Partner's adjusted basis in such asset for federal income tax purposes at the time the asset is contributed to the Partnership minus the actual depreciation, amortization or cost recovery deductions ("Tax Depreciation") claimed in respect of the asset for federal income tax purposes. If pursuant to Regulations promulgated under ss. 704(c) of the Code disproportionate allocations of Tax Depreciation deductions in respect of property contributed to the Partnership are not required to be made, or if no Tax Depreciation deductions are allowable with respect thereto, the amount of Pre-Contribution Gain shall instead be determined without reference to Depreciation deductions or Tax Depreciation deductions claimed in respect of the asset. In the event that the actual gain recognized upon the sale or other disposition of any such asset for federal income tax purposes is less than the amount determined above, Pre-Contribution Gain with respect to the asset shall be such lesser amount.
Pre-Contribution Gain means, with respect to each Property owned by a Title Holding Partnership, that unrealized gain attributable to the excess of the fair market value of such Property on the date at which the Contributed Asset is contributed to the capital of the Partnership pursuant to Article IV hereof, over the adjusted tax basis of such Property on the date of such contribution; provided, however, that the amount of any Pre-contribution Gain associated with a Property shall be adjusted to account for allocations made in accordance with the provisions of paragraph (c) of this Section 7.3 and shall not, in any event, exceed that amount of gain actually allocated to the Partnership by a Title Holding Partnership as a result of the sale or other disposition of such Property.
More Definitions of Pre-Contribution Gain
Pre-Contribution Gain has the meaning given in Section 4.2(d) of Attachment 9.