Standard Clauses allocating pre-contribution gains and losses related to property contributed by one or more of the partners in a real estate joint venture (JV). They can be used in a limited liability company (LLC) operating agreement or partnership agreement. They empower the tax matters partner or partnership representative to choose any reasonable allocation method. They also provide alternative language specifying which of the three acceptable allocation methods the joint venture agreement uses: the traditional method, the traditional method with curative allocations, or the remedial allocation method. These Standard Clauses have integrated notes with important explanations and drafting and negotiating tips.