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entitled to make voluntary additional permanent capital
contributions. Each such contribution shall be allocated in the
Partnership Interests to the Partners’ permanent capital
accounts.”
In a section captioned “DEBITS/CREDITS”, the partnership
agreement provides that the permanent capital account of each
partner shall consist of each partner’s initial capital
contribution as described above increased by the “Partner’s
Partnership Interest in the adjusted basis for federal income tax
purposes of any additional permanent capital contribution of
property by a Partner (less any liabilities to which such
property is subject)”.
The partnership agreement provides that “Any Partner shall
have the right to receive a distribution of any part of his
Partnership permanent capital account in reduction thereof with
the prior consent of all the other Partners.”
The partnership agreement also provides that all property
acquired by the partnership shall be owned by the partners as
tenants in partnership in accordance with their partnership
interests, with no partner individually having any ownership
interest in the partnership property. Additionally, each partner
waives any right to require partition of any partnership
property.
Under the partnership agreement, any partner may withdraw
from the partnership at any time, upon written notice to the
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Last modified: May 25, 2011