Corporation liquidating trust

Posted by / 02-Mar-2016 18:16

Corporation liquidating trust

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This generally means trust income is taxed to the beneficiaries when trust income is actually distributed.

When trust income is accumulated for later distribution, it is "temporarily" taxed to the trust itself and then later to beneficiaries who receive distributions and a form of tax credit for the tax paid earlier by the trust.

FREE TRIAL Corporate Bankruptcy – Special Topics looks at certain unique tax issues that may arise in connection with a bankruptcy.

graduated cum laude from the University of Connecticut.

She is a member of the District of Columbia Bar, New York State Bar, American Bar Association, Tax Section and Corporate Tax Committee.

However, the consequence of business trust status was radically altered in 1997. Prior to the 1997 release of the watershed check-the-box regulations, the 1960 "Kintner" federal tax regulations generally incorporated ancient case law to classify trusts.

In that year, the blockbuster "check-the-box" federal tax regulations mercifully mitigated the stakes of a trust being considered a business trust (the regulations were so designated because they allowed lawyers to choose tax classification simply by in effect checking the box relating to the most desired tax classification. Ordinary trusts were classified and taxed like trusts.

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The settlement follows seven years of litigation concerning the APCO Liquidating Trust’s liability under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA or “Superfund”) for costs incurred by the U. Environmental Protection Agency (EPA) for the ongoing cleanup of the Oklahoma Refining Company (ORC) Superfund Site located in Cyril, Okla.