H c liquidating corporation

Under the 1986 act, the General Utilities doctrine was repealed, with a few exceptions: distributions in kind, sale of investment assets and the Section 1231 element as to assets used in a trade or business.

The general rules relating to complete liquidations are covered in Section 336 which provides that gain or loss is recognized to the distributing corporation.A liquidating corporation recognizes gain and loss upon distribution of its assets, and the shareholders receive exchange treatment of receipt of the property from the liquidating corporation.The asset distribution is treated as payment for the shareholder's stock, resulting in either a gain or loss.When property distributed in a complete liquidation is subject to a liability of the liquidating corporation, the fair market value of that property cannot be less than the amount of the liability.Losses on the distribution of property in a complete liquidation are generally recognized. The first exception applies to certain distributions to related parties pursuant to Section 267.

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