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Minutes of Special Meeting of the Board of Directors of (Name of...

Oakland Michigan 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

Name: Oakland Michigan 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
Brand: US Legal Forms
Rating: 4.77 (366 reviews)

Category:

Corporations - Minutes and Resolutions

State:

Multi-State

County:

Oakland

Control #:

US-1077BG

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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).

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FAQ

Special meetings of directors or members shall be held at any time deemed necessary or as provided in the bylaws: Provided, however, That at least one (1) week written notice shall be sent to all stockholders or members, unless a different period is provided in the bylaws, law or regulation.

Generally, a corporation's directors will call a special meeting of the shareholders when they would like to undertake a particular activity or a special issue that requires shareholder approval. It is often convenient to combine special meetings with annual meetings.

The corporation can allow others to call a special meeting, such as the BoD Chair, CEO, or yes, shareholders.

: a meeting held for a special and limited purpose specifically : a corporate meeting held occasionally in addition to the annual meeting to conduct only business described in a notice to the shareholders.

Shareholder power to call a special meeting or to act by written consent is thus relevant if shareholders want to take an action without having to wait for the next annual meeting.

Section 1244 stock is a stock transaction pursuant to the Internal Revenue Code provision that allows shareholders of an eligible small business corporation to treat up to $50,000 of losses (or, in the case of a husband and wife filing a joint return, $100,000) from the sale of stock as ordinary losses instead of

A special shareholder meeting is sometimes called to handle issues that occur in between annual meetings, and often have certain requirements for calling and holding the meeting. Annual shareholder meetings have become something that is expected from investors.

1244(b)). Any loss in excess of the limit is a capital loss, subject to the capital loss rules. Thus, if the potential loss exceeds the $50,000 (or $100,000) limit, the stock should be disposed of in more than one year to maximize the ordinary loss treatment.

Under the current 2020 tax tables, a long-term capital gain that results from the sale of this Section 1244 stock will be taxed at the regular preferential rate of 15% for most individuals or 20% for high-income individuals with taxable income over $441,450. The 3.8% Net Investment Income Tax (NIIT) may also be due.

Section 1244 stock refers to the tax treatment of qualified restricted shares. Section 1244 stock allows firms to report certain capital losses as ordinary losses for tax purposes. This lets new or smaller companies take advantage of lower effective tax rates and increased deductions.

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Oakland Michigan 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

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What is the minimum days should the notice of annual and special shareholders meeting will be shared to the shareholders?

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