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Printable Form 966 Oxnard California: What You Should Know
Form 966 does not relieve the corporation of its financial obligations, including any debt or other obligation that is not already incurred by the corporation. When the corporate assets of a corporation's shareholders are sold to repay shareholders' obligations, Form 966 generally does not apply. If the resolution or plan is for the immediate liquidation of all the stock of the corporation, Form 966 does not apply. When the resolution or plan is for the purpose of the shareholder distributing his or her portion of company stock, the resolution or plan generally may also constitute a distribution. When the resolution or plan is for the purpose of disposing of a controlling interest of the corporation, the resolution or plan may also form the basis of a sale-leaseback transaction. 2 When the resolution or plan is for the purpose of transferring company stock to an unrelated party, the transfer will be treated as a qualified transfer under Section 482 of the Internal Revenue Code (the “Code”) unless the transaction is made as a part of a plan (including a qualified plan). The tax consequences will depend on whether the stock will be held by the shareholder or by the unrelated party, the nature of the stock and of the ownership of the shareholder, the manner of disposition, and the character of the transfer to the unrelated party. When the resolution or plan is for the purpose of selling any type of stock, Form 966 will generally not apply. Form 966: (New) Corporate Dissolution IRS “A corporation (or a farmer's cooperative) must file Form 966 if it adopts a resolution or plan to dissolve the corporation or liquidate any of its stock. Form 966 does not relieve the corporation of its financial obligations, including any debt or other obligation that is not already incurred by the corporation. When the corporate assets of a corporation's shareholders are sold to repay shareholders' obligations, Form 966 generally does not apply. 3 Form 966: (New) Corporate Dissolution IRS When a corporation (or farmer's cooperative) adopts a resolution or plan to dissolve the corporation, the resolution or plan does not automatically constitute a corporate dissolution. The corporation's shareholders have the option of filing Form 967, Corporate Dissolution and Liquidation, with the Secretary of State (SOS). Form 967 must be filed by the shareholder and a form 966 by the corporation in accordance with the requirements of the Code (including any exceptions). The shareholder should mail or mail by U.S.
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