definiens: or means for each Fiscal Year or other relevant period, an amount equal to theCompany ’s taxable income or taxable loss for such Fiscal Year or period as determined under Section 703(a ) of theCode, and Regulations Section 1.703 - 1, but with the following adjustments:(a ) Any tax - exempt income, as described in Section 705(a)(1)(B ) of the Code, realized by the Companyduring such Fiscal Year shall be added to such taxable income or taxable loss;(b ) Any expenditures of the Company described in Section 705(a)(2)(B ) of the Code for such Fiscal Year ortreated as being so described in Regulations Section 1.704 - 1(b)(2)(iv)(i ) and not otherwise taken into account inthis subsection shall be subtracted from such taxable income or taxable loss;(c ) In the event the Gross Asset Value of any Company asset is adjusted in accordance with Paragraph(b ) or Paragraph ( c ) of the definition of the amount of such adjustment shall be taken intoaccount as gain or loss from the disposition of such asset for purposes of computing Net Profits or Losses;(d ) Gain or loss resulting from any disposition of any asset of the Company with respect to which gain orloss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value ofthe asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross AssetValue;(e ) In lieu of the depreciation, amortization and other cost recovery deductions taken into account incomputing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year orother period, computed in accordance with the definition of and(f ) Any item of income, gain, loss or deduction that is required to be allocated to a Member under Section 4.4or Section 4.5 shall not be taken into account in computing such taxable income or taxable loss