Section 754 Election definition

Section 754 Election means an election under Section 754 of the Code and any comparable election under applicable state or local income tax laws.

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Section 754 Election shall have the meaning set forth in Section 8.5(a) hereof.

Section 754 Election. An election under Section 754 of the Code relating to the adjustment of the adjusted basis of Partnership Assets as provided in Sections 734 and 743 of the Code.

Examples of Section 754 Election in a sentence

• The General Partner shall cause the Partnership to make the Section 754 Election in accordance with applicable regulations thereunder.

• Income and deductions of the Partnership that are attributable to the Section 754 Election ("754 allocations") shall be allocated to the Partners entitled thereto.

• If at any point the Company or any of its direct or indirect Subsidiaries that is a partnership for U.S. federal income tax purposes does not have a Section 754 Election in effect, the Corporation shall cause the Company or such Subsidiary, as applicable, to make a Section 754 Election at the time that the Company or such Subsidiary, as applicable, files its next U.S. federal income Tax Return.

• Federal Income Tax Purposes 37 SECTION 6.6. Effect of Section 754 Election 38 SECTION 6.7. Admissions of Unitholders; Transfers 38 SECTION 6.8. Allocation of Distributions 39 SECTION 6.9. Liability for State and Local and Other Taxes 39 SECTION 6.10.

• If, at any point, any Subsidiary of Buyer that is a Partnership does not have a Section 754 Election in effect, Buyer shall cause such Subsidiary of Buyer to make a valid Section 754 Election at the time that such Subsidiary files its Tax Return for such Taxable Year.

More Definitions of Section 754 Election

Section 754 Election has the meaning specified in Section 6.01(b).

Section 754 Election is defined in Section 5.3.

Section 754 Election is defined in the Recitals of this Agreement.

Section 754 Election shall have the meaning specified in Section 4.11(g).

Section 754 Election means any election made by the Partnership under section 754 of the Code.

Section 754 Election has the meaning provided such term in Section 13.6.

Section 754 Election means the election described in Section 754 of the Code. “Securities Act” means the Securities Act of 1933.