Liquidating distribution


26-Jul-2020 14:09

Based on the information currently available to it, the Company now believes that the estimated additional distributions following the

Based on the information currently available to it, the Company now believes that the estimated additional distributions following the $1.36 liquidating distribution will be in the range of between $0.28 and $0.61 per share.Information regarding any future stockholder distributions will be publicly disclosed through Current Reports on Form 8-K and company press releases.Viewed from the other perspective, however, the framing of the various statutory provisions in our tax code relating to taxation of sale of assets may provoke controversy as to the proper theory upon which to proceed in taxing stockholders on the receipt of liquidating distribution.For instance, in the recent Court of Tax Appeals (CTA) En Banc Case (1702), the Bureau of Internal Revenue (BIR) argued that the capital gains tax is a final tax on the presumed gain from the disposition of a property in exchange for shares of stock pursuant to Section 27 (D)(5) of our tax code.These and other factors may cause actual results to differ materially from those projected.Instead of a distribution from retained earnings, stockholders receive a return of capital.The aggregate distribution of approximately $43.5 million is being made in light of the recent receipt of additional cash related to sale of certain minority holdings and the resolution of outstanding liabilities on financial terms more favorable than originally anticipated.

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Based on the information currently available to it, the Company now believes that the estimated additional distributions following the $1.36 liquidating distribution will be in the range of between $0.28 and $0.61 per share.

Information regarding any future stockholder distributions will be publicly disclosed through Current Reports on Form 8-K and company press releases.

Viewed from the other perspective, however, the framing of the various statutory provisions in our tax code relating to taxation of sale of assets may provoke controversy as to the proper theory upon which to proceed in taxing stockholders on the receipt of liquidating distribution.

For instance, in the recent Court of Tax Appeals (CTA) En Banc Case (1702), the Bureau of Internal Revenue (BIR) argued that the capital gains tax is a final tax on the presumed gain from the disposition of a property in exchange for shares of stock pursuant to Section 27 (D)(5) of our tax code.

These and other factors may cause actual results to differ materially from those projected.

.36 liquidating distribution will be in the range of between

This pronouncement from the SC is actually anchored on the provision of our tax code.AS early as 1947, our Supreme Court had already characterized the gain or loss sustained by a stockholder of a corporation as a taxable income or a deductible loss.The same was reiterated in 2008 where the SC emphasized that any gain on the part of the stockholder is subject to income tax.These rules (a) allocate the partnership’s income, losses, deductions, and credit among the partners and (b) adjust basis to reflect each partner’s allocation of those items.

.28 and

As stated in Taxation of Limited Liability Companies and Partnerships, limited liability companies are taxed as partnerships by default.

Also a distribution of assets from a company that is going out of business.

.61 per share.

Information regarding any future stockholder distributions will be publicly disclosed through Current Reports on Form 8-K and company press releases.

Viewed from the other perspective, however, the framing of the various statutory provisions in our tax code relating to taxation of sale of assets may provoke controversy as to the proper theory upon which to proceed in taxing stockholders on the receipt of liquidating distribution.

For instance, in the recent Court of Tax Appeals (CTA) En Banc Case (1702), the Bureau of Internal Revenue (BIR) argued that the capital gains tax is a final tax on the presumed gain from the disposition of a property in exchange for shares of stock pursuant to Section 27 (D)(5) of our tax code.

These and other factors may cause actual results to differ materially from those projected.

[[

This pronouncement from the SC is actually anchored on the provision of our tax code.

AS early as 1947, our Supreme Court had already characterized the gain or loss sustained by a stockholder of a corporation as a taxable income or a deductible loss.

The same was reiterated in 2008 where the SC emphasized that any gain on the part of the stockholder is subject to income tax.

These rules (a) allocate the partnership’s income, losses, deductions, and credit among the partners and (b) adjust basis to reflect each partner’s allocation of those items.

||

This pronouncement from the SC is actually anchored on the provision of our tax code.AS early as 1947, our Supreme Court had already characterized the gain or loss sustained by a stockholder of a corporation as a taxable income or a deductible loss.The same was reiterated in 2008 where the SC emphasized that any gain on the part of the stockholder is subject to income tax.These rules (a) allocate the partnership’s income, losses, deductions, and credit among the partners and (b) adjust basis to reflect each partner’s allocation of those items.

]]
liquidating distribution-19

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[[

As stated in Taxation of Limited Liability Companies and Partnerships, limited liability companies are taxed as partnerships by default.

Also a distribution of assets from a company that is going out of business.

||

As stated in Taxation of Limited Liability Companies and Partnerships, limited liability companies are taxed as partnerships by default.Also a distribution of assets from a company that is going out of business.

]]

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