Common use of Federal Income Tax Elections Clause in Contracts

Federal Income Tax Elections. The Partnership shall make all federal income tax elections in such manner as the General Partner determines to be in the best interest of the Partners upon the advice of the attorneys or accountants retained by the Partnership. The General Partner may elect to compute depreciation and to make other calculations for federal income tax purposes in the same manner as such calculations are made in its financial reports to its shareholders.

Federal Income Tax Elections. (a) The Partnership shall shall, to the extent permitted by applicable law and regulations and upon obtaining any necessary approval of the Commissioner of Internal Revenue, elect to use such methods of depreciation, and make all other federal income tax elections in such manner manner, as the General Partner determines Partners determine to be in most favorable to the best interest of the Partners upon the advice of the attorneys or accountants retained by the PartnershipPartners. The General Partner Partners may elect rely upon its tax advisors as to compute depreciation the unavailability and to make other calculations for federal income tax purposes in the same manner as effect of all such calculations are made in its financial reports to its shareholderselections.