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26. “Miscellaneous”
* * * * * * *
26.6 “Tax Matters Partner.” The General Partners
shall designate one of them to be the Tax Matters
Partner, and he shall possess the administrative powers
and responsibilities required by the Tax Equity and
Fiscal Responsibility Act of 1982.
With respect to the duties of the Managing Agent (managing
agent), the agreement provides, among other things, that the
managing agent shall manage all of the day-to-day activities of
the partnership and “will perform the financial and tax planning
duties for the Partnership as well as oversee the Partnership’s
operational and tax reporting procedures.” The managing agent’s
duties are further specified in a management agreement between
American Agri-Corp and the partnership that authorizes the former
“to furnish such financing and tax planning services as per the
General Partners request.”
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