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AK Form 966: What You Should Know
I've written the IRS on several occasions on Form 966 and got a lot of conflicting opinions. There are two ways to prepare Form 966 – 1) Use the information found on this guide to prepare your own. 2) Use what my team and I did: 1) Use tax tables found on this guide—all information about how to use 966 from the IRS. 2) Use state specific tax pages on this guide. 3) Use all relevant IRS Forms. What is a shareholder? Under the Corporation Code section 506, a shareholder is a person, or legal corporation with more than 10 shareholder(s). All shareholders are treated as one entity, just like one company. A corporation may elect to be treated as a shareholder. The shareholder election and its requirements are similar to the requirements for a sole proprietor. Under section 506(c)(5)(C), a shareholder must meet all the following criteria: (5) Be entitled to vote. Be entitled to vote for the election of its stockholders, directors, or other management officials. What if I lost a shareholder election? A shareholder election is revoked to the extent that the shareholder fails to vote in connection with the stockholder election by the date on which the notice of the revocation required to be mailed to the shareholder is received by the corporation. However, a shareholder can vote in any subsequent election of stockholders (as long as the shareholder does not fail to vote in the subsequent election and within 30 days thereafter). This means, you don't have to send a notice to your shareholders at different time you would normally send one, simply by reason that you lost one. I always send a notice by registered or certified mail to shareholder who didn't vote. What if I lost the mail delivery address for my shareholder? Since shareholder lost the mail delivery of the shareholder election form, the corporation loses the right to send this form to him. So you may have to send a replacement form, or send a certified postmark with a postmark for the corporation to have sent form to shareholder. What about shareholders eligible to vote? There are four types of shareholders: Shareholder by reason of race, color, religion, or national origin. Shareholder by reason of holding of a majority of the shares of a class or series of stock. Shareholder by reason of holding of 5% of one class of stock.
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