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adjustment and such gain or loss was allocated to the Partners <br /> pursuant to the appropriate provisions of this Agreement. <br /> (d) If any interest in the Partnership is transferred in <br /> accordance with this Agreement, the transferee shall succeed to <br /> the Capital Account of the transferor to the extent it relates to <br /> the transferred interest. <br /> (e) In the event that the Partnership makes an election <br /> under Section 754 of the Code, the amounts of any adjustments to <br /> the bases (or Gross Asset Value) of the assets of the Partnership <br /> made pursuant to Section 743 of the Code shall not be reflected <br /> in the Capital Accounts of the Partners, but the amounts of any <br /> adjustments to the bases (or Gross Asset Value) of the assets of <br /> the Partnership made pursuant to Section 734 of the Code as a <br /> result of the distribution of property by the Partnership to a <br /> Partner (to the extent that such adjustments have not previously <br /> been reflected in the Partners' Capital Accounts) shall (i) be <br /> reflected in the Capital Account of the Partner receiving such <br /> distribution in the case of a distribution in liquidation of such <br /> Partner's interest in the Partnership and (ii) otherwise be <br /> reflected in the Capital Accounts of all Partners in the manner <br /> in which the unrealized income and gain that is displaced by such <br /> adjustments would have been shared had the property been sold at <br /> its adjusted Gross Asset Value immediately prior to such <br /> adjustments. <br /> (f) If the General Partner determines, with advice of <br /> counsel, that, under Treasury Regulations Section 1.704 -1(b), it <br /> is necessary or desirable to modify the manner in which the <br /> -18- <br />