sabrina bryan adrienne bailon dating - Tax consequences of liquidating a corporation

In its ruling, the IRS stated that the distribution would have been made, in the same amounts, whether or not the partnership had converted into a corporation.

The Snag After the conversion, the corporation found that it could not raise the desired capital at an acceptable cost as long as its operations included a particular business unit.

Accordingly, the shareholders recognize gain on the liquidation, measured by the excess of the net value of the property received over the basis of the stock surrendered in the transaction.2 However, in a private letter ruling issued by the IRS late last year, both the corporation and the distributee shareholders were absolved of any tax consequences arising from the liquidation of the corporation.

The reason: the entity’s brief stint as a corporation was, in the final analysis, disregarded for tax purposes.

THE IRS SAYS DISTRIBUTIONS of customer-based intangibles to shareholders are taxable.


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