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Description Action By Written Consent
A section 1244 stock is a type of equity named after the portion of the Internal Revenue Code that describes its treatment under tax law. Section 1244 of the tax code allows losses from the sale of shares of small, domestic corporations to be deducted as ordinary losses instead of as capital losses up to a maximum of $50,000 for individual tax returns or $100,000 for joint returns.
To qualify for section 1244 treatment, the corporation, the stock and the shareholders must meet certain requirements. The corporation's aggregate capital must not have exceeded $1 million when the stock was issued and the corporation must not derive more than 50% of its income from passive investments. The shareholder must have paid for the stock and not received it as compensation, and only individual shareholders who purchase the stock directly from the company qualify for the special tax treatment. This is a simplified overview of section 1244 rules; because the rules are complex, individuals are advised to consult a tax professional for assistance with this matter.
- View Unanimous Consent to Action by the Shareholders and Board of Directors of Corporation, in Lieu of Meeting, Ratifying Past Actions of Directors and Officers
- View Unanimous Written Consent by Shareholders and the Board of Directors Electing a New Director and Authorizing the Sale of All or Substantially of the Assets of a Corporation
- View Unanimous Written Action of Board of Directors Approving Agreement
- View Unanimous Action of Shareholders Increasing the Number of Directors
- View Unanimous Written Action of Shareholders of Corporation Removing Director
How To Fill Out Directors Consent Statement?
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