Traditional Method definition

Traditional Method means the "traditional method" of making Code Section 704(c) allocations described in Regulations Section 1.704-3(b).
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Traditional Method. Notwithstanding any provision of the Vornado OP Partnership Agreement, Vornado OP shall use the "traditional method" under Regulations ss. 1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code (with no "curative allocations" to offset the effect of a "Ceiling Rule Disparity," as described in Section 7(b) below, except as set forth in Sections 7(c) and 7(d) below) with respect to (i) each of the assets acquired by Vornado OP from SCR in the Merger (including, without limitation, all assets owned by SCR or any direct or indirect Subsidiary of SCR that is treated either as a partnership or as a disregarded entity for federal income tax purposes), except to the extent that Vornado OP expressly would be required to use a different method under an SCR Tax Protection Agreement assumed by Vornado OP pursuant to the Merger Agreement and the affected SCR Partner has not executed an agreement to waive its right to such different method following the Merger. The 704(c) Values of the Protected Properties shall be as determined by agreement between SCR and Vornado OP prior to the effective time of the Merger, or in the absence of such agreement, as determined by Vornado REIT, in its capacity as general partner of Vornado OP, in good faith for purposes of preparing the financial statements of Vornado and Vornado OP reflecting the results of the Merger so long as the outside accountants of Vornado and Vornado OP have approved such financial statements as being in accordance with general accepted accounting procedures. 4/
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Traditional Method payments, such as checks, cash or money orders (which requires additional handling) will have a fee of $10.00 per transaction and additional $15.00 per transaction for cash. Include fees with all rent payments. Please write checks with both our names; with the word “or” (i.e.): “ ▇▇▇▇▇▇▇ or ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ” Checks and/or Money Orders (with any fees) must be delivered or mailed to: ▇.▇. ▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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Examples of Traditional Method in a sentence

  • The Partnership shall use the "Traditional Method" of making Section 704(c) allocations as provided by Regulations Section 1.704-3(b) to eliminate the disparities between the Carrying Value of property and its adjusted basis.

  • The allocation of such items shall be made pursuant to the "Traditional Method" of Regulation Section 1.704-3(b).

  • Unless otherwise approved by the Partners, such allocations shall be made utilizing the "Traditional Method with Curative Allocations" set forth in Treasury regulations Section 1.704-3(c).

  • In the event the Company uses the "Traditional Method with Curative Allocations" under Treasury Regulations Section 1.704-3(c) to correct for distortions caused by the "ceiling rule" (as defined therein) in making allocations pursuant to Section 704(c) of the Code, the Company may make curative allocations in any given year to offset the effects of the "ceiling rule" for prior taxable years.

  • Subject to the provisions of Section 704(c) of the Code and the Regulations thereunder (which the Partners agree shall be applied using the "Traditional Method"), each Tax Item shall be allocated among the Partners in the same manner as each correlative item of profit or loss, as calculated for book purposes, is allocated to the Partners pursuant to Section 5.1 hereof.

  • The Traditional Method with Curative Allocations, defined under Treasury Regulations Section 1.704-3(c), shall be the method by which allocations are made under Code section 704(c).

  • The Company shall use the "Traditional Method" of making these allocations as described in Treasury Regulation Section 1.704-3(b).


More Definitions of Traditional Method

Traditional Method standard payments, such as checks or money orders, which requires additional handling & processing will have a fee of $20.00 per transaction and/or $25.00 per transaction for cash; during Covid-19 Pandemic. Please, include fees with rent payments.
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Traditional Method has the meaning set forth in Section 5.01(f)(iii).
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