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Plan of liquidation requirements Form: What You Should Know

Sep 30, 2023 — Business activities discontinued and stock is sold to satisfy federal debt. Oct 20, 2023 — Any outstanding debt is incurred for an independent expenditure. (To complete the IRS Form 966 filing, a statement to the effect that all debt incurred for an independent expenditure is attributable to the corporation.) Oct 20, 2023 — Any remaining debt is incurred for other business purposes. (To complete the IRS Form 966 filing, a statement specifying that all debt incurred as a result of other business activities is attributable to the corporation.) Sep 30, 2040 — Any remaining debt is incurred for other business purposes, except for a payment which is made by a trustee to a trust that represents a business trust under a statute or statute of an exempt purpose. Sep 30, 2041 — Shareholders are required to vote in favor of the dissolution of the corporation. Sep 30, 2047 — All corporations are dissolved in one or more districts or districts. (To complete the IRS Form 966 filing, a statement that the corporate assets (such as a business park, a railroad station, a farm, etc.) and liabilities (such as mortgages, corporate real estate, etc.) owned by the corporation are all sold to a trust that represents one or more district trust. In addition to the district trust, the trustee must also submit a statement of the amount of all tax liability for the preceding 10 years. The district trust must also submit a copy of each tax return for all years in which there was corporate income tax liability. Sep 30, 2041 — Any outstanding bonds are redeemed. (To Complete the IRS Form 966 filing, a statement that all bonds are redeemed.) Oct 3, 2042 — All remaining stock is sold or transferred within the state. (To Complete the IRS Form 966 filing, a statement that all share equity is sold within the state.) Oct 3, 2043 — A trustee is appointed to carry out the business purposes of the corporation. (To Complete the IRS Form 966 filing, a statement that all trustees will be business persons. Sep 30, 2043 — Final sale. (To Complete the IRS Form 966 filing, a statement specifying the total amount of final net proceeds received, but not taxed, less the final cost of the transaction.

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Video instructions and help with filling out and completing Plan of liquidation requirements

Instructions and Help about Plan of liquidation requirements

Okay let's go ahead and talk about partnership liquidation and the topic of what's referred to as a schedule of safe payments when a partnership is to be liquidated the assets are converted to cash the liabilities are paid off and then the partners are paid their remaining capital balances now the liquidation process may take a great deal of time if the partnership wants to maximize the value they receive for their assets they don't simply want to have a fire sale right away I sell everything for the best price I can get that day you know they want to market it properly to appropriate customers and it might take a long time to convert all of the assets to cash in the meantime the partner is you know they're gonna want cash payments so they can pay their personal bills so they can invest in other enterprises so they're constantly going to be a clamoring for cash payments so at any point in time during a liquidation process will be faced with a question of can we give the partners any cash and if so who can get how much now let's assume we have the following trial balance for the ABC partnership we have $40,000 in cash and four hundred sixty thousand dollars in other non-cash assets for total assets of $500,000 we have liabilities of twenty thousand a has a capital bounce of 150,000 B has a capital bounce of 8,000 and C has a capital balance of 150,000 and let's go ahead and assume that a B and C share profits and losses in a 3 to 1 to 6 ratio so at this point can name any of the partners be given any cash and if so who can get how much now...