§ 59-503. Sharing income, gain, loss, deduction or credit. - North Carolina Statutes

§59‑503.  Sharing income, gain, loss, deduction or credit.

Income, gain, loss, deductionor credit of a limited partnership shall be allocated among the partners, andamong classes of partners, in the manner provided in the partnership agreement.To the extent the partnership agreement does not provide for the allocation ofitems of income, gain, loss, deduction, or credit, then those items shall beallocated on the basis of the agreed value of the contributions made by eachpartner to the extent they have been received by the partnership and have notbeen returned. As used in this section, the term "agreed value" meansan amount or other measure of value as (i) is provided in the partnershipagreement, or (ii) if not provided in the partnership agreement, is required tobe set forth in the written records required pursuant to G.S. 59‑106. (1985(Reg. Sess., 1986), c. 989, s. 2; 1999‑362, s. 24.)