Accounting Methods; Tax Elections. The Partnership shall report taxable income or loss using the accrual method of accounting for Federal income tax purposes; provided, that the Managing General Partner may change the method of accounting used for Federal income tax purposes, should a change be possible and desirable. The taxable year of the Partnership shall be the calendar year, unless the Partners shall determine otherwise. The Partnership shall elect to deduct expenses incurred in organizing the Partnership ratably over a 60-month period as provided in Section 709 of the Code. The Partnership shall make the election under Section 754 of the Code if so requested by any Partner upon the consent of all other Partners which consent will not be unreasonably withheld. The Managing General Partner may cause the Target Partnership to make an election under Section 754 of the Code only with the mutual consent of all other Partners, which consent will not be unreasonably withheld. In addition to the foregoing, the Managing General Partner shall, in its sole discretion, determine whether to make any other available tax elections and select any other appropriate tax accounting methods and conventions for any purpose under this Agreement.
Accounting Methods; Tax Elections. Except as disclosed in any Company SEC Document filed prior to the date of this Agreement, Company shall not change its methods of accounting in effect at December 31, 2007, except as required by changes in GAAP or SAP as concurred to by Company’s independent auditors. Company shall not, and shall not permit any of its subsidiaries to, make, change or revoke any material Tax election or change its method of tax accounting, except as required by changes in applicable law, ordinance or regulation (or any interpretation thereof), in each case, if such action would have the effect of increasing a Tax liability of Company by an amount that is material.
Accounting Methods; Tax Elections. The classification, realization and recognition of income, gains, losses and deductions and other items shall be on the accrual method of accounting for federal income tax purposes; provided, that, subject to the other provisions of this Section 7.2, the Tax Matters Member may propose to change the method of accounting used for federal income tax purposes, which change shall be subject to the prior written consent of each Founder Member Group, which consent shall not be unreasonably withheld. The Company shall make an election under Section 754 of the Code in accordance with applicable Regulations promulgated thereunder for the first Tax Fiscal Year in which there is a transfer or Company distribution to which such election would apply if requested by any Member. In addition, the Tax Matters Member shall determine whether to make any other available tax elections and select any other appropriate tax accounting methods and conventions for any purpose under this Agreement; provided, that no material tax election (other than an election under Section 754 of the Code) or selection of a material tax accounting method or convention shall be made without the prior written consent of each Founder Member Group, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, the election under Section 6231(a)(1)(B)(ii) of the Code shall not be made with respect to the Company without the prior written consent of each Founder Member Group.
Accounting Methods; Tax Elections. (a) The classification, realization and recognition of income, gains, losses and deductions and other items shall be on the accrual method of accounting for U.S. federal income tax purposes; provided, that, subject to the other provisions of this Section 9.2, the Partnership may change the method of accounting used for federal income tax purposes, should a change be possible and desirable (as determined by the General Partner in its sole discretion).
Accounting Methods; Tax Elections. Except as disclosed in Parent SEC Documents filed prior to the date of this Agreement or as required by a Governmental Entity, Parent shall not change in any material respect its methods of accounting in effect at December 30, 2002, except as required by changes in GAAP as agreed to in by Parent's independent public accountants. Parent shall not, and shall not permit any of its Subsidiaries to, (i) change its fiscal year or any method of tax accounting, (ii) make, revoke or amend any Tax election or (iii) settle or compromise any liability for Taxes.
Accounting Methods; Tax Elections. Premcor shall not change in any material respect its methods of accounting in effect at December 31, 2004, except as required by a Governmental Entity or changes in GAAP as concurred in by Premcor’s independent public accountants. Premcor shall not (i) change its fiscal year or any method of tax accounting, (ii) make any Tax election, or (iii) settle or compromise any liability for Taxes, except in each case for any such actions that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on Premcor or as required by law.
Accounting Methods; Tax Elections. Except as disclosed in Partners SEC Documents filed prior to the date of this Agreement, or as required by a Governmental Authority, Partners shall not change in any material respect its methods of accounting in effect at December 31, 2010, except to comply with changes in GAAP as concurred in by Partners’ independent public accountants. Partners shall not (i) change its fiscal year or any method of tax accounting or (ii) make any material Tax election, in each case except as required by Law.
Accounting Methods; Tax Elections. Except as disclosed in Tosco SEC Documents filed prior to the date of this Agreement, or as required by a Governmental Entity, Tosco shall not change in any material respect its methods of accounting in effect at September 30, 2000, except as required by changes in GAAP as concurred in by Tosco's independent public accountants. Tosco shall not (i) change its fiscal year or (ii) make any Tax election that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Tosco.
Accounting Methods; Tax Elections. Except as disclosed in UDS SEC Documents filed prior to the date of this Agreement, or as required by a Governmental Entity, UDS shall not change in any material respect its methods of accounting in effect at December 30, 2000, except as required by changes in GAAP as concurred in by UDS's independent public accountants. UDS shall not (i) change its fiscal year or any method of tax accounting, (ii) make any Tax election or (iii) settle or compromise any liability for Taxes, except in each case for any such actions that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on UDS or as required by law.
Accounting Methods; Tax Elections. The classification, realization and recognition of income, gains, losses and deductions and other items shall be on the accrual method of accounting for federal income tax purposes; provided, that the Board may change the method of accounting used for federal income tax purposes, should a change be possible and desirable (as determined by the Board in its sole discretion). The taxable year of the Company shall be the calendar year, unless the Board shall determine that a different taxable year is permissible and appropriate in its sole discretion. The Board will make the election under Section 754 of the Code in accordance with applicable Regulations promulgated thereunder for the first Fiscal Year in which there is a transfer or Company distribution to which such election would apply if requested by any Member. In addition to the foregoing, the Board shall determine whether to make any other available tax elections and select any other appropriate tax accounting methods and conventions for any purpose under this Agreement.
