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This excerpt taken from the DTV 8-K filed Apr 28, 2005. Gross Asset ValueWith
respect to any asset, the assets Adjusted Basis, except:
(a) the initial Gross Asset Value of any asset contributed (or deemed contributed) to the LLC shall be such assets fair market value at the time of such contribution; and (b) the Gross Asset Values of all LLC Assets shall be adjusted to equal their respective fair market values and to reflect the relative economic interests of the Members in the LLC as a result of (i) the acquisition of an additional interest in the LLC by a new or existing Member in exchange for more than a de minimis capital contribution or in exchange for the performance of services, (ii) the distribution by the LLC to a Member of a more than de minimis amount of LLC property as consideration for an interest in the LLC, or (iii) the liquidation of the LLC within the meaning of Regulations section 1.704-1(b)(2)(ii)(g). |
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