Description

This smart field captures a requirement that any positive or negative adjustments to the capital accounts as a consequence of an election under section 754 of the U.S. Internal Revenue Code be treated as items of gain or loss, respectively, and that those gains or losses be allocated among the partners or members in a manner consistent with the Code and the regulations thereunder.


Jurisdiction

  • United States (California, Delaware, Pennsylvania, and Texas)

Document Types

  • 98% Governance Agt
  • 2% Other

Tags

  • LPA/LLC

Language

  • 100% English