definiens: and mean, for each Fiscal Year or other period specified in this Agreement, an amountequal to the Company ’s taxable income or taxable loss, or particular items thereof, determined in accordance withCode Section 703(a ) ( where, for this purpose, all items of income, gain, loss or deduction required to be statedseparately pursuant to Code Section 703(a)(1 ) shall be included in taxable income or taxable loss ), but with thefollowing adjustments:(a ) any income realized by the Company that is exempt from federal income taxation, as described in CodeSection 705(a)(1)(B ), shall be added to such taxable income or taxable loss, notwithstanding that such income is notincludable in gross income;(b ) any expenditures of the Company described in Code Section 705(a)(2)(B ), including any items treated underTreasury Regulations Section 1.704 - 1(b)(2)(iv)(I ) as items described in Code Section 705(a)(2)(B ), shall be subtractedfrom such taxable income or taxable loss, notwithstanding that such expenditures are not deductible for federalincome tax purposes ; 4(c ) any gain or loss resulting from any disposition of Company property with respect to which gain or loss isrecognized for federal income tax purposes shall be computed by reference to the Book Value of the property sodisposed, notwithstanding that the adjusted tax basis of such property differs from its Book Value;(d ) any items of depreciation, amortization and other cost recovery deductions with respect to Company propertyhaving a Book Value that differs from its adjusted tax basis shall be computed by reference to the property ’s BookValue ( as adjusted for Book Depreciation ) in accordance with Treasury Regulations Section 1.704 - 1(b)(2)(iv)(g);(e ) if the Book Value of any Company property is adjusted as provided in the definition of Book Value, then theamount of such adjustment shall be treated as an item of gain or loss and included in the computation of such taxableincome or taxable loss ; and(f ) to the extent an adjustment to the adjusted tax basis of any Company property pursuant to CodeSections 732(d ), 734(b ) or 743(b ) is required, pursuant to Treasury Regulations Section 1.704 1(b)(2)(iv)(m ), to betaken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall betreated as an item of gain ( if the adjustment increases the basis of the asset ) or loss ( if the adjustment decreasessuch basis )