New York Liquidation Proposal
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How to fill out Liquidation Proposal?
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FAQ
In contrast to Code §331, Code §332 provides that no gain or loss is recognized by a corporation that is a shareholder upon complete liquidation of a subsidiary, provided that certain conditions are met.
Liquidation Plan means with respect to any Company or any Fund, a plan of liquidation, a plan to dispose of a substantial portion of its assets out of the ordinary course of business (except in connection with a Permitted Merger) or any other plan of action with similar effect.
IRC §331 provides rules for the tax treatment of shareholders receiving distributions in a complete liquidation of a corporation. In a complete liquidation, a corporation usually distributes all of its assets to the shareholders in exchange for all of its stock pursuant to a plan of a complete liquidation.
Voluntary dissolution is generally a two-step process: Obtaining written consent from the Tax Department1 (which will check to see if the corporation owes back taxes and if it has filed all its returns)2; and. Filing paperwork with the New York Department of State, including a Certificate of Dissolution.
Section 331(a)(1) states the general rule that amounts dis- tributed in complete liquidation of a corporation shall be treated as payments to the shareholder in exchange for his stock.
Amounts received by a shareholder in a distribution in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock.
A plan of dissolution for voluntarily dissolving a New York corporation (also known as non-judicial dissolution). This Standard Document can be used as a separate plan or incorporated into board or shareholder resolutions.
Standard dissolution filings received by mail, fax or in person will be processed in 120 days (4 months.) Expedited paper filings are 1 week behind, and will take 7 days to process. Allow at least two weeks to receive your consent from the DTF.