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Capital Account Savings Clause

Description: A tax allocation savings clause such as the example here may be used in an LLC operating agreement to ensure that the members' capital account balances track their fixed order of distribution priority as set forth in the operating agreement.
Form Type: Contract Clauses
Practice Area: Real Estate, Tax

Date: Feb 2014
PLI Item #: 61007
Keywords: "target allocations savings clause"; "capital account savings clause"; "forced allocation"; tax; income; loss; "capital accounts"; "cash priorities"; "adjusted tax basis"; "adjusted book basis"; "joint venture"; 'tax-exempt entities"; "REIT"; "LLC"; partnership
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