HomeMy WebLinkAbout0060 1. Election of the calendar year as the taxable
year of the partnership.
2. Election of the accrual method of accounting.
3. Election of accelerated methods for the
computation of depreciation, unless otherwise
agreed by the partners.
4. Election of the installment method of reporting
gain, where applicable, unless the non-election of
this method be consented to by both partners.
5. Such other elections as may be agreed upon by
~I
E the parties.
! All income tax returns shall be supplied to the Limited
t
Partner for its inspection and comment fifteen (15) days prior
to filing same.
It is agreed that for state income tax purposes, to the extent
permissible under applicable law, this partnership shall be treated
in the same manner as for Federal income tax purposes. and the allo-
cation among the partners of the various items entering into the
computation of taxable income shall be the same as provided herein.
It is the responsibility of the Partnership to pay any taxes
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~ which may become due in respect to real or personal property owned by
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the Partnership, as well as to pay in a timely manner any state or
` local taxes including sale,~use or other excise taxes, which may from
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~ time to time be levied on the Partnership. It shall a1SO be the
responsibility of the Partnership to file any returns which may become
due and all Federal income tax returns shall be supplied to the Limited
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