Hawaii Minutes of Special Meeting of the Board of Directors of (Name of Corporation) to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code

• Category: Corporations - Minutes and Resolutions
• State: Multi-State
• Control #: US-1077BG
• Format: Word; Rich Text

Description

Section 1244 of the Internal Revenue Code is the small business stock provision enacted to allow shareholders of domestic small business corporations to deduct a loss on the disposal of such stock as an ordinary loss rather than as a capital loss, which is limited to only $3,000 annually. Normally, stock is treated as a capital asset and if disposed of at a loss, the loss is deducted as a capital loss. The general rule for net capital losses (losses that exceed gains) is that they are subject to an annual deduction limit of only $3,000. Any excess over $3,000 must be carried over to the next year. A loss on Section 1244 stock is deductible as an ordinary loss up to $50,000 ($100,000 on a joint return, even if only one spouse has a Section 1244 loss). Minutes of Special Meeting of the Board of Directors of (Name of Corporation) to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code Meeting Name: Special Meeting of the Board of Directors Corporation Name: [Name of Corporation] Meeting Purpose: Adoption of Stock Ownership Plan under Section 1244 of the Internal Revenue Code Meeting Type: Special Date: [Date of the Meeting] Time: [Time of the Meeting] Location: [Meeting Venue] Attendees: 1. [Name of Director 1] 2. [Name of Director 2] 3. [Name of Director 3] 4. [Name of Director 4] 5. [Name of Director 5] Agenda: 1. Call to Order: The meeting was called to order by [Name of Director]. 2. Roll Call: The attendees present were listed as mentioned above. 3. Approval of Agenda: The proposed agenda for the meeting was unanimously approved. 4. Adoption of Stock Ownership Plan under Section 1244: 4.1 Presentation and Discussion: [Name of Director/Presenter] gave a detailed presentation on the advantages, requirements, and tax benefits of adopting a Stock Ownership Plan under Section 1244 of the Internal Revenue Code. Keywords: Section 1244, Stock Ownership Plan, Internal Revenue Code, adoption, tax benefits. 4.2 Questions and Clarifications: The directors engaged in a discussion, seeking clarifications and asking questions related to the proposed plan. Keywords: Stock Ownership Plan, Section 1244, clarification, questions, discussion. 4.3 Resolution Proposal: A resolution was proposed by [Name of Director] to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. Keywords: Resolution, proposal, Stock Ownership Plan, Section 1244, adoption. 4.4 Vote: A vote was taken, and the resolution to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code was unanimously approved. Keywords: Vote, approval, Stock Ownership Plan, Section 1244. 5. Adjournment: With no further business to discuss, the meeting was adjourned by [Name of Director]. Keywords: Adjournment, meeting conclusion. Types of Hawaii Minutes of Special Meeting of the Board of Directors to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code: — Initial Adoption of the Stock Ownership Plan — Amendments to the Stock Ownership Plan — Annual Meeting for Review of the Stock Ownership Plan — Dissolution and Cancellation of the Stock Ownership Plan Note: The above list is not exhaustive and may vary depending on the specific requirements of the corporation.

Minutes of Special Meeting of the Board of Directors of (Name of Corporation) to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code Meeting Name: Special Meeting of the Board of Directors Corporation Name: [Name of Corporation] Meeting Purpose: Adoption of Stock Ownership Plan under Section 1244 of the Internal Revenue Code Meeting Type: Special Date: [Date of the Meeting] Time: [Time of the Meeting] Location: [Meeting Venue] Attendees: 1. [Name of Director 1] 2. [Name of Director 2] 3. [Name of Director 3] 4. [Name of Director 4] 5. [Name of Director 5] Agenda: 1. Call to Order: The meeting was called to order by [Name of Director]. 2. Roll Call: The attendees present were listed as mentioned above. 3. Approval of Agenda: The proposed agenda for the meeting was unanimously approved. 4. Adoption of Stock Ownership Plan under Section 1244: 4.1 Presentation and Discussion: [Name of Director/Presenter] gave a detailed presentation on the advantages, requirements, and tax benefits of adopting a Stock Ownership Plan under Section 1244 of the Internal Revenue Code. Keywords: Section 1244, Stock Ownership Plan, Internal Revenue Code, adoption, tax benefits. 4.2 Questions and Clarifications: The directors engaged in a discussion, seeking clarifications and asking questions related to the proposed plan. Keywords: Stock Ownership Plan, Section 1244, clarification, questions, discussion. 4.3 Resolution Proposal: A resolution was proposed by [Name of Director] to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. Keywords: Resolution, proposal, Stock Ownership Plan, Section 1244, adoption. 4.4 Vote: A vote was taken, and the resolution to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code was unanimously approved. Keywords: Vote, approval, Stock Ownership Plan, Section 1244. 5. Adjournment: With no further business to discuss, the meeting was adjourned by [Name of Director]. Keywords: Adjournment, meeting conclusion. Types of Hawaii Minutes of Special Meeting of the Board of Directors to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code: — Initial Adoption of the Stock Ownership Plan — Amendments to the Stock Ownership Plan — Annual Meeting for Review of the Stock Ownership Plan — Dissolution and Cancellation of the Stock Ownership Plan Note: The above list is not exhaustive and may vary depending on the specific requirements of the corporation.