Detroit Michigan MINUTES OF SPECIAL MEETING OF BOARD OF DIRECTORS TO ADOPT STOCK OWNERSHIP PLAN UNDER SECTION 1244 OF THE INTERNAL REVENUE CODE
Category:
State:
Multi-State
City:
Detroit
Control #:
US-0752BG
Format:
Word;
Rich Text
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Description
Section 1244 stock is a classification on investments used when filing a capital loss on personal taxes with the Internal Revenue Service (IRS). It allows the shareholders to treat up to $50,000 of losses ($100,000 if married and filing jointly) from the sale of the stock as ordinary losses instead of capital losses. Usually, there is a $3,000 US Dollars (USD) limit on losses that can be counted against personal income.
