Net Profit and Net Loss
ORGANIZATIONThe General Partnership Interests of a General Partner
ORGANIZATION3
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ain, loss and deduction shall be allocated for Federal, state and local income tax purposes among the Partners proportionately to the allocation of Net Profit and Net Loss among the Partners. Notwithstanding the foregoing, solely for Federal, state and local income tax purposes, in accordance with Sections 704(b) and
this Section 8.4.2, the successor General Partner may not be related or subordinate to LDB within the meaning of Section 672(c) of the Code. 8.4.3 The General Partnership Interests of a General Partner who resigns or is removed pursuant to the foregoing provisions of this Section 8.4 automatically shall be converted into Limited Partnership Intere
ain, loss and deduction shall be allocated for Federal, state and local income tax purposes among the Partners proportionately to the allocation of Net Profit and Net Loss among the Partners. Notwithstanding the foregoing, solely for Federal, state and local income tax purposes, in accordance with Sections 704(b) and
this Section 8.4.2, the successor General Partner may not be related or subordinate to LDB within the meaning of Section 672(c) of the Code. 8.4.3 The General Partnership Interests of a General Partner who resigns or is removed pursuant to the foregoing provisions of this Section 8.4 automatically shall be converted into Limited Partnership Intere
ain, loss and deduction shall be allocated for Federal, state and local income tax purposes among the Partners proportionately to the allocation of Net Profit and Net Loss among the Partners. Notwithstanding the foregoing, solely for Federal, state and local income tax purposes, in accordance with Sections 704(b) and
this Section 8.4.2, the successor General Partner may not be related or subordinate to LDB within the meaning of Section 672(c) of the Code. 8.4.3 The General Partnership Interests of a General Partner who resigns or is removed pursuant to the foregoing provisions of this Section 8.4 automatically shall be converted into Limited Partnership Intere
Entities connected to both Net Profit and Net Loss and The General Partnership Interests of a General Partner
Leon Black
PERSONNet Profit
ORGANIZATIONFederal, State
ORGANIZATIONthe Person or Persons
ORGANIZATIONthe Treasury Regulations
ORGANIZATIONOccasioning Dissolution
LOCATIONthe Offer Price
ORGANIZATIONUniform Transfers to Minors Act
ORGANIZATIONAccounting Period
ORGANIZATIONReliance
ORGANIZATIONAllocation of Profits and Losses
ORGANIZATIONAllocation of Profits
ORGANIZATIONPurchase
LOCATIONthe Offered Interests
ORGANIZATIONEach Partner's
ORGANIZATIONCertificate of Formation
ORGANIZATION
Wilmington
LOCATIONthe United States Treasury
LOCATIONWithdrawing Partner
PERSONElysium Management LLC
ORGANIZATION