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Section 3.12. Section 118 Tax Accounting. The Developer shall cause the tax balance <br /> sheet of the Developer to reflect a reduction in basis attributed to the exclusion of the <br /> Nonshareholder Contribution from taxable income under Code Section 118 as required under <br /> Code Section 362. In no event shall the Developer take any depreciation deductions attributable <br /> to the Nonshareholder Contribution at any time. <br /> (End of Article III) <br /> - 12 - <br /> I\11853148.2 <br />