Fairfax Virginia 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
• County: Fairfax
• 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 Date: [Date of the Meeting] Time: [Time of the Meeting] Location: [Physical or Virtual Location] Attendees: — [Name and Title of Attendee 1— - [Name and Title of Attendee 2] — [Name and Title of Attendee 3— - [Name and Title of Attendee 4] — [Name and Title of Attendee 5— - [Name and Title of Attendee 6] Agenda: 1. Call to Order 2. Roll Call 3. Approval of Agenda 4. Adoption of Stock Ownership Plan under Section 1244 5. Discussion and Review of Stock Ownership Plan 6. Q&A Session 7. Vote on Stock Ownership Plan Adoption 8. Adjournment Meeting Minutes: 1. Call to Order: The special meeting of the Board of Directors of (Name of Corporation) was called to order by [Name], [Title], at [Time]. 2. Roll Call: The Secretary called the roll. [Number of Directors] directors were present, constituting a quorum to proceed with the meeting, as required by the bylaws. 3. Approval of Agenda: The agenda for the special meeting was presented and approved unanimously without any amendments. 4. Adoption of Stock Ownership Plan under Section 1244: The purpose of this meeting was to discuss and adopt a Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The Board of Directors acknowledged the importance of implementing such a plan to provide various tax benefits to eligible shareholders. 5. Discussion and Review of Stock Ownership Plan: The Board of Directors thoroughly reviewed the proposed Stock Ownership Plan, examining its provisions, eligibility criteria, implications, and potential benefits for the corporation and its shareholders. The plan was developed in accordance with Section 1244 of the Internal Revenue Code and tailored to suit the specific needs and goals of the corporation. 6. Q&A Session: During the Q&A session, directors had the opportunity to seek clarifications and express concerns regarding the plan. Detailed answers and explanations were provided by [Name], [Title], who presented the plan to the board. 7. Vote on Stock Ownership Plan Adoption: After careful consideration and discussion, a motion was made by [Name of Director] to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The motion was seconded by [Name of Director] and unanimously approved by all present directors. 8. Adjournment: There being no further business to discuss, the special meeting was adjourned at [Time] by [Name], [Title]. These minutes will be considered official and will be filed accordingly. Different types or variations of the Fairfax Virginia 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 may include meetings for specific corporations or organizations, various dates or times of meetings, and alternative locations such as virtual (online) meetings due to circumstances or preferences.

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] Time: [Time of the Meeting] Location: [Physical or Virtual Location] Attendees: — [Name and Title of Attendee 1— - [Name and Title of Attendee 2] — [Name and Title of Attendee 3— - [Name and Title of Attendee 4] — [Name and Title of Attendee 5— - [Name and Title of Attendee 6] Agenda: 1. Call to Order 2. Roll Call 3. Approval of Agenda 4. Adoption of Stock Ownership Plan under Section 1244 5. Discussion and Review of Stock Ownership Plan 6. Q&A Session 7. Vote on Stock Ownership Plan Adoption 8. Adjournment Meeting Minutes: 1. Call to Order: The special meeting of the Board of Directors of (Name of Corporation) was called to order by [Name], [Title], at [Time]. 2. Roll Call: The Secretary called the roll. [Number of Directors] directors were present, constituting a quorum to proceed with the meeting, as required by the bylaws. 3. Approval of Agenda: The agenda for the special meeting was presented and approved unanimously without any amendments. 4. Adoption of Stock Ownership Plan under Section 1244: The purpose of this meeting was to discuss and adopt a Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The Board of Directors acknowledged the importance of implementing such a plan to provide various tax benefits to eligible shareholders. 5. Discussion and Review of Stock Ownership Plan: The Board of Directors thoroughly reviewed the proposed Stock Ownership Plan, examining its provisions, eligibility criteria, implications, and potential benefits for the corporation and its shareholders. The plan was developed in accordance with Section 1244 of the Internal Revenue Code and tailored to suit the specific needs and goals of the corporation. 6. Q&A Session: During the Q&A session, directors had the opportunity to seek clarifications and express concerns regarding the plan. Detailed answers and explanations were provided by [Name], [Title], who presented the plan to the board. 7. Vote on Stock Ownership Plan Adoption: After careful consideration and discussion, a motion was made by [Name of Director] to adopt the Stock Ownership Plan under Section 1244 of the Internal Revenue Code. The motion was seconded by [Name of Director] and unanimously approved by all present directors. 8. Adjournment: There being no further business to discuss, the special meeting was adjourned at [Time] by [Name], [Title]. These minutes will be considered official and will be filed accordingly. Different types or variations of the Fairfax Virginia 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 may include meetings for specific corporations or organizations, various dates or times of meetings, and alternative locations such as virtual (online) meetings due to circumstances or preferences.