Reporting liquidating

If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate.Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met.However, some amounts you receive that are called dividends are actually interest income. Part of a child's 2016 unearned income may be taxed at the parent's tax rate.If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return.

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While corporations most often issue 1099-DIVs to report stock dividend distributions, it can also be used to report nondividend distributions, including money a corporation returns to an investor during the liquidation process.

If the governing state allows dissolved corporations to retain assets, the corporation can continue to exist.

Liquidation marks the point when a corporation has committed to closing its doors.

Long-term or short-term classification of a liquidation that qualifies for capital gain treatment depends on the shareholder’s holding period, with long-term status having significant importance due to the 15% tax rate cap on long-term capital gains.

Shareholders in the 35% tax bracket achieve a 57.1% ((35% – 15%) ÷ 35%) tax savings on capital gain versus ordinary income.

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