Stock Redemption With Foreign Stock
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FAQ
The company must record the reacquisition of stock on its general ledger. Include all relevant details in the journal entry backup, such as redemption date, number of shares, summary of sale contract terms and payment structure. Debit the treasury stock account for the amount the company paid for the redemption.
For tax purposes, redeeming shares implies disposition of the shares. ingly, redeeming shares may give rise to a capital gain or loss. In short, a capital gain is taxable under normal tax rules, while a loss for tax purposes must be reduced by any tax credit already obtained.
A stock redemption agreement is a buy-sell agreement between a private corporation and its shareholders. The agreement stipulates that if a triggering event occurs, the company will purchase shares from the shareholder upon their exit from the company.
If, after the redemption transaction, you actually or constructively own any stock in the redeeming corporation, you're ineligible for the complete termination exception. That means the stock redemption payments will be taxed under the general corporate distribution rules.