Laserfiche WebLink
the variation between the basis of th property to the Partnership <br />and its fair market value at the time of contribution pursuant to <br />Section 704(c) of the Internal Revenuo Code. <br />(b) All other items of inco <br />shall be allocated among the Partners <br />capital contributions as stated in Par <br />withdrawn from time to time as the P <br />profits shall be distributed as soon a <br />the year in cash, but only if the <br />Partnership will not be impaired k <br />determination of whether or not the <br />impaired, and the determination of whe <br />are to be distributed, shall be mad( <br />Partners. No salary or guaranteed pa} <br />be considered a distribution of profi <br />9. Capital and Income Accoun <br />account shall be maintained for each <br />the fair market value of the initial <br />Partner, and any subsequent capital a, <br />by him. The capital accounts also sha <br />annual carry -over balances of the inc <br />regular annual account changes shall <br />voting interests stated in Paragraph <br />A separate income account sha <br />Partner, and each Partner's distribut <br />profits or losses shall be credited c <br />income account to reflect the operas <br />shown on the regular accounting star <br />determinations of profit and loss sY <br />market value of contributed property a <br />established by the Partners. Withdraw <br />the Partnership, other than those whi <br />be charged against their capital accot <br />individual income accounts of the Par <br />The income accounts shall be clo: <br />as of the end of each fiscal year <br />following this process, the capital <br />proportion to the percentage ownershi; <br />balance is proportionately small sh; <br />Partnership so that the capital accoun- <br />to the percentage ownership, or, the <br />funds to balance the capital accounts <br />upon by the Partners. If the Partner <br />whose capital balance is proportions <br />cash to the Partnership, such sum of I <br />being a deficiency balance of said Part <br />F: \GHO \ECKHARD'RPARTNERS.AGT 3 <br />e, gain, loss and deductions <br />n proportion to the original <br />.graph 5 above . Prof its may be <br />rtners agree. Any remaining <br />possible after the close of <br />financial position of the <br />T such distribution. The <br />financial position will be <br />L and how much of the profits <br />by a majority vote of the <br />rent made to a Partner shall <br />s. <br />:s. An individual capital <br />Partner which shall reflect <br />capital contributed by the <br />lditions or withdrawals made <br />Ll be changed to reflect the <br />ome account; however, these <br />not affect the ownership or <br />above. <br />.1 be established for each <br />.ve share of the Partnership <br />r charged'to his individual <br />ions of the Partnership as <br />ements. For this purpose, <br />all be made using the fair <br />: the time of contribution as <br />ils of money or property from <br />:h the Partners agree are to <br />nts, shall be charged to the <br />:ners . <br />I <br />ed into the capital accounts <br />of the Partnership. If, <br />ccount balances are not in <br />the Partner whose capital <br />it contribute cash to the <br />:s will then be in proportion <br />Partnership may distribute <br />whichever method is agreed <br />determine that the Partner <br />ely small shall contribute <br />`coney shall be determined as <br />tner which is due and payable <br />