Common use of Income Tax Elections Clause in Contracts

Income Tax Elections. The Tax Matters Partner designated pursuant to Section 10.5 shall have the authority on behalf of the LLC to make all elections permitted under the Code and all other tax-related statutes and regulations, including elections of methods of depreciation and elections under Section 754 of the Code. The decision to make or not to make an election shall be at the Tax Matters Partner’s sole and absolute discretion. The Members hereby acknowledge that they are aware of the income tax consequences of the allocations made by this Agreement and hereby agree to be bound by the provisions of this Agreement in reporting their shares of the LLC income and loss for income tax purposes.

Income Tax Elections. The Tax Matters Partner designated pursuant to Section 10.5 shall have the authority on behalf of the LLC to make all elections permitted under the Code and all other tax-related statutes and regulations, including elections of methods of depreciation and elections under Section 754 of the Code. The decision to make or not to make an election shall be at the Tax Matters Partner’s 's sole and absolute discretion. The Members hereby acknowledge that they are aware of the income tax consequences of the allocations made by this Agreement and hereby agree to be bound by the provisions of this Agreement in reporting their shares of the LLC income and loss for income tax purposes.