BBA Elections. The Company will not elect into the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) for any tax year beginning before January 1, 2018, and, to the extent permitted by applicable law and regulations, the Company will annually elect out of the BBA Procedures for tax years beginning on or after January 1, 2018 pursuant to Code Section 6221(b) (as amended by the BBA).
BBA Elections. The Tax Matters Representative shall promptly notify each 10% Member if the IRS audits any Company tax return and if the Company receives a final partnership administrative adjustment or final partnership adjustment. Any decisions made by the Tax Matters Representative, including, without limitation, whether or not to elect the application of Section 6226 of the Code, as amended by Section 1101 of the Bipartisan Budget Act of 2015 (P.L. 114-74) (the “BBA”), with respect to any imputed underpayment, or settle or contest any tax matter, or extend the period of limitations for the assessment or collection of any tax and the choice of forum for such contest shall be made in the Tax Matters Representative’s sole discretion. Each Member agrees to cooperate with the Tax Matters Representative and to do or refrain from doing any or all things reasonably requested by the Tax Matters Representative with respect to the conduct of such proceedings.
BBA Elections. The Fund will not elect into the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) pursuant to Internal Revenue Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Fund to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Fund will elect the alternative procedure under Internal Revenue Code Section 6226, as amended by Section 1101 of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.
BBA Elections. The Company will not elect into the partnership audit procedures enacted under Section 110 I of the BBA (the “BBA Procedures”) for any tax year beginning before January I, 2018, and, to the extent permitted by Applicable Law, the Company will annually elect out of the BBA Procedures for tax years beginning on or after January I, 2018 pursuant to Code Section 6221(b) (as amended by the BBA). For any year in which Applicable Law do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company will elect the alternative procedure under Code Section 6226, as amended by Section 110 I of the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share of any adjustment set forth in the notice of final partnership adjustment.
BBA Elections. To the extent permitted by applicable law and regulations, the Company will annually elect out of the BBA Procedures for tax years beginning on or after January 1, 2018 pursuant to Code Section 6221(b) (as amended by the BBA). For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within 45 days of any notice of final partnership adjustment, the Company will elect the alternative procedure under Code Section 6226, as amended by the BBA, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member's share of any adjustment set forth in the notice of final partnership adjustment.
BBA Elections. The Tax Matters Representative, in its sole discretion, shall have the right to take any actions (including making any elections) that are available to be made or taken by the Tax Matters Representative or the Partnership under the partnership audit procedures under Subchapter C of Chapter 63 of the Code (as amended by the Bipartisan Budget Act of 2015 (the “BBA”) (the “BBA Procedures”) (including an election under Code Section 6226), and the Partners shall take such actions required by the Tax Matters Representative. To the extent that the Tax Matters Representative does not cause the Partnership to make an election under Code Section 6221(b) or Code Section 6226, (i) the Partnership shall use commercially reasonable efforts to make any modifications available under Code Section 6225(c)(3), (4), and (5), and (ii) the Partners shall take such actions as requested by the Tax Matters Representative, including filing amended tax returns and paying any tax due under Code Section 6225(c)(2)(A) or paying any tax due and providing applicable information to the Internal Revenue Service under Code Section 6225(c)(2)(B).
BBA Elections. The Partnership shall not elect into the partnership audit procedures under Subchapter C of Chapter 63 of the Code (as amended by the BBA) (the “BBA Procedures”) unless otherwise approved by the Partners, the Tax Matters Representative shall cause the Partnership to annually elect out of the BBA Procedures for pursuant to Code Section 6221(b) to the extent permitted by applicable law and regulations. For any year in which applicable law and regulations do not permit the Partnership to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Tax Matters Representative shall cause the Partnership to elect the alternative procedure under Code Section 6226, and furnish to the Internal Revenue Service and each Partner (including former Partners) during the year or years to which the notice of final partnership adjustment relates a statement of the Partner’s share of any adjustment set forth in the notice of final partnership adjustment.
BBA Elections. To the extent permitted by applicable law and regulations, the Company will annually elect out of the partnership audit procedures enacted under Section 1101 of the BBA (the “BBA Procedures”) for all tax years beginning on or after January 1, 2018. For any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, the Partnership Representative, in its sole discretion, shall have the right to make any and all elections and to take any actions that are available to be made or taken by the Partnership Representative or the Company under the BBA Procedures (including an election under Section 6226 of the Code), and the Members shall take such actions requested by the Partnership Representative. To the extent that the Partnership Representative does not make an election under Section 6221(b) or Section 6226 of the Code, (1) the Company shall use commercially reasonable efforts to make any modifications available under Section 6225(c)(3), (4), and (5) of the Code, and (2) the Owners shall take such actions as requested by the Partnership Representative, including filing amended returns and paying any tax due under Section 6225(c)(2)(A) of the Code, or paying any tax due and providing applicable information to the Internal Revenue Service under Section 6225(c)(2)(B0 of the Code.
