Consent Stockholders With Dividends
Description
How to fill out Consent Statement For Consent Of Stockholders In Lieu Of Special Meetings?
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FAQ
Even though California does not allow the dividends paid deduction for consent dividends, the entity may still be qualified as a REIT so long as it meets the federal distribution requirements.
Noun. : an arrangement by which stockholders agree to report as income a portion of the corporation's retained profits and to pay taxes thereon.
Section 1.565 - 1(c)(2) of the regulations provides, in part, that the full amounts specified on a consent will be taxable to the shareholder even though a consent dividend deduction may be denied to the corporation because it is determined that it is not a corporation subject to part I, II or III, subchapter G, ...
A qualifying consent dividend is treated as paid to the taxpayer on the last day of the corporation's tax year and immediately contributed by the taxpayer as paid-in capital with expected consequences (see Explanation: §565, Qualified Distribution).
A shareholder who agrees to treat the consent dividend as a taxable dividend must complete and send Form 972 to the corporation that will claim the consent dividend as a deduction.