Wisconsin 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). Title: Wisconsin Minutes of Special Meeting to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code Keywords: Wisconsin, Minutes of Special Meeting, Board of Directors, Stock Ownership Plan, Section 1244, Internal Revenue Code --- 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 Date: [Date of the meeting] Location: [Address/Place of the meeting] Meeting Minutes Prepared By: [Name or Title of the person preparing the minutes] Attendees: [List the names and titles of the attendees] Agenda: 1. Call to Order 2. Approval of the Agenda 3. Discuss the Adoption of a Stock Ownership Plan 4. Presentation on Section 1244 of the Internal Revenue Code 5. Vote on the Adoption of the Stock Ownership Plan 6. Any Other Business 7. Adjournment Meeting Summary: 1. Call to Order: The meeting of the Board of Directors of (Name of Corporation) was called to order by [Chairperson's Name] at [Time] on [Date] at [Location]. 2. Approval of the Agenda: The agenda for the meeting was reviewed and approved unanimously. 3. Discuss the Adoption of a Stock Ownership Plan: The Board discussed the potential benefits and implications of adopting a Stock Ownership Plan, which allows for the issuance of qualified small business stock under Section 1244 of the Internal Revenue Code. 4. Presentation on Section 1244 of the Internal Revenue Code: [Presenter's Name], a representative expert in tax law, presented a detailed overview of the provisions of Section 1244 of the Internal Revenue Code. The presentation outlined the conditions and benefits associated with the qualified small business stock and explained its potential tax advantages. 5. Vote on the Adoption of the Stock Ownership Plan: After thorough deliberation and consideration, a vote was called to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The motion was made by [Director's Name] and seconded by [Director's Name]. The vote was carried [state the result — e.g., unanimously, by majority]. 6. Any Other Business: No other business was discussed during the meeting. 7. Adjournment: At [Time], the meeting was adjourned by [Chairperson's Name]. --- Note: This is a general template for the Minutes of Special Meeting to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code in Wisconsin. The specific details and content may vary depending on the circumstances, requirements, and decisions made during the actual meeting.

Title: Wisconsin Minutes of Special Meeting to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code Keywords: Wisconsin, Minutes of Special Meeting, Board of Directors, Stock Ownership Plan, Section 1244, Internal Revenue Code --- 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 Date: [Date of the meeting] Location: [Address/Place of the meeting] Meeting Minutes Prepared By: [Name or Title of the person preparing the minutes] Attendees: [List the names and titles of the attendees] Agenda: 1. Call to Order 2. Approval of the Agenda 3. Discuss the Adoption of a Stock Ownership Plan 4. Presentation on Section 1244 of the Internal Revenue Code 5. Vote on the Adoption of the Stock Ownership Plan 6. Any Other Business 7. Adjournment Meeting Summary: 1. Call to Order: The meeting of the Board of Directors of (Name of Corporation) was called to order by [Chairperson's Name] at [Time] on [Date] at [Location]. 2. Approval of the Agenda: The agenda for the meeting was reviewed and approved unanimously. 3. Discuss the Adoption of a Stock Ownership Plan: The Board discussed the potential benefits and implications of adopting a Stock Ownership Plan, which allows for the issuance of qualified small business stock under Section 1244 of the Internal Revenue Code. 4. Presentation on Section 1244 of the Internal Revenue Code: [Presenter's Name], a representative expert in tax law, presented a detailed overview of the provisions of Section 1244 of the Internal Revenue Code. The presentation outlined the conditions and benefits associated with the qualified small business stock and explained its potential tax advantages. 5. Vote on the Adoption of the Stock Ownership Plan: After thorough deliberation and consideration, a vote was called to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The motion was made by [Director's Name] and seconded by [Director's Name]. The vote was carried [state the result — e.g., unanimously, by majority]. 6. Any Other Business: No other business was discussed during the meeting. 7. Adjournment: At [Time], the meeting was adjourned by [Chairperson's Name]. --- Note: This is a general template for the Minutes of Special Meeting to Adopt Stock Ownership Plan under Section 1244 of the Internal Revenue Code in Wisconsin. The specific details and content may vary depending on the circumstances, requirements, and decisions made during the actual meeting.