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accordance with generally accepted accounting principles <br /> consistently applied, an income and expense statement for the <br /> taxable year and a statement of cash flow for the Partnership for <br /> the taxable year. The General Partner will furnish an equivalent <br /> report to each Partner within 75 days after the dissolution of <br /> the Partnership for the calendar year in which the dissolution <br /> occurs. <br /> 9.5. Tax Returns. <br /> The General Partner shall send to each Partner, within 90 <br /> days after the end of each taxable year, the information <br /> necessary for the Partner to complete its federal, state and <br /> local income tax returns. The information shall include a copy <br /> of the Partnership's federal, state and local income tax or <br /> information returns for the taxable year. <br /> 9.6. Section 754 Election. <br /> If, during the taxable year, any Partner transfers its <br /> Partnership interest by sale or exchange or a Terminating Event <br /> occurs, upon the timely written request of the transferee or <br /> successor, the General Partner, after seeking advice of the <br /> Partnership's accountant, may elect, pursuant to Section 754 of <br /> the Code, to adjust the basis of the Partnership Property as <br /> permitted by Sections 734 and 743 of the Code. The election <br /> shall be filed with the Partnership's income tax return for the <br /> first taxable year to which the election applies. <br /> -51- <br />