Puerto Rico Approval of transfer of outstanding stock with copy of Liquidating Trust Agreement
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How to fill out Approval Of Transfer Of Outstanding Stock With Copy Of Liquidating Trust Agreement?
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FAQ
Income Taxes In the event that an irrevocable non-grantor trust is terminated, the income that the assets have generated will presumably be distributed to the beneficiaries. It will be their responsibility to pay the taxes on the money.
[7] The income beneficiary then has capital gain in the entire amount of the proceeds received when the trust is terminated ? which is not a great tax result. The reason it is important to watch for this issue is that every trust has an income interest held by someone.
A corporation declares bankruptcy. However, if a liquidating trust is established for a corporation that is in bankruptcy, an EIN for that trust is required. See Trea- sury Reg. § 301.7701-4(d).
A liquidating trust formed for the primary purpose of liquidating and distributing the assets transferred to it is taxed as a trust, and not as an association, despite the possibility of profit ( Reg. §301.7701-4(d)).
A liquidating trust is a new legal entity that becomes successor to the liquidating fund. The remaining assets and liabilities are transferred into the newly formed trust and the former owners of the liquidating fund become unit holders or beneficiaries of the trust.