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26-51-413. Corporate liquidations.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-413. Corporate liquidations.

26-51-413. Corporate liquidations. (a) Title 26 U.S.C. §§ 332, 334, 336, 337, and 338, as in effect on January 1, 2007, regarding the liquidations of corporations, are adopted for the purpose of computing Arkansas income tax liability. (b) For the purposes of the application of this section, the transition rule of § 633(c) and (d) of the Tax Reform Act of 1986, Pub. L. No. 99-514, as amended by subsections (g)(2), (g)(3)(A)-(C), (g)(4), (g)(5)(A) and (B), and (g)(7) of § 1006 of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. No. 100-647, shall also apply under the state income tax law.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-413

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:26-51-413
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b131297d2424119d5e39acf4bee8ed44811a7835f82400ac9e59dc65ca5b0005

Source location: content.xml paragraph 12495

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 332 — Complete liquidations of subsidiaries

**(a) General rule** No gain or loss shall be recognized on the receipt by a corporation of property distributed in complete liquidation of another corporation. **(b) Liquidations to which section applies** For purposes of this section, a distribution shall be considered to be in complete liquidation only if— (1) the corporation receiving such property was, on the date of the adoption of the plan of liquidation, and has continued to be at all times until the receipt of the property, the owner of stock (in such other corporation) meeting the requirements of section 1504(a)(2); and either (2) the distribution is by such other corporation in complete cancellation or redemption of all its stock, and the transfer of all the property occurs within the taxable year; in such case the adoption by the shareholders of the resolution under which is authorized the distribution of all the assets of such corporation in complete cancellation or redemption of all its stock shall be considered an adoption of a plan of liquidation, even though no time for the completion of the transfer of the property is specified in such resolution; or (3) such distribution is one of a series of distributions by such other corporation in complete cancellation or redemption of all its stock in accordance with a plan of liquidation under which the transfer of all the property under the liquidation is to be completed within 3 years from the close of the taxable year during which is made the first of the series of distributions under the plan, except that if such transfer is not completed within such period, or if the taxpayer does not continue qualified under paragraph (1) until the completion of such transfer, no distribution under the plan shall be considered a distribution in complete liquidation. If

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 332

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 332. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 332 — Complete liquidations of subsidiaries

Page 1103 TITLE 26—INTERNAL REVENUE CODE § 332 Editorial Notes AMENDMENTS 1986—Pub. L. 99–514, title VI, § 631(e)(16), Oct. 22, 1986, 100 Stat. 2275, struck out item 333 ‘‘Election as to rec- ognition of gain in certain liquidations’’. § 331. Gain or loss to shareholder in corporate liquidations (a) Distributions in complete liquidation treated as exchanges Amounts received by a shareholder in a dis- tribution in complete liquidation of a corpora- tion shall be treated as in full payment in ex- change for the stock. (b) Nonapplication of section 301 Section 301 (relating to effects on shareholder of distributions of property) shall not apply to any distribution of property (other than a dis- tribution referred to in paragraph (2)(B) of sec- tion 316(b)) in complete liquidation. (c) Cross reference For general rule for determination of the amount of gain or loss recognized, see section 1001. (Aug. 16, 1954, ch. 736, 68A Stat. 101; Pub. L. 88–272, title II, § 225(f)(2), Feb. 26, 1964, 78 Stat. 88; Pub. L. 94–455, title XIX, § 1901(b)(28)(A), Oct. 4, 1976, 90 Stat. 1799; Pub. L. 97–248, title II, § 222(a), (e)(1)(B), Sept. 3, 1982, 96 Stat. 478, 480; Pub. L. 115–141, div. U, title IV, § 401(a)(63), Mar. 23, 2018, 132 Stat. 1187.) Editorial Notes AMENDMENTS 2018—Pub. L. 115–141 substituted ‘‘shareholder’’ for ‘‘shareholders’’ in section catchline. 1982—Subsec. (a). Pub. L. 97–248, § 222(a), substituted provisions that amounts received by a shareholder in a distribution in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock for provisions that, in complete liquidations, amounts distributed shall be treated as in full payment in exchange for the stock, while amounts distributed in partial liquidat

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 332

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 332. This identifies an authority to review, not proof of applicability.