Box 9. Cash Liquidation Distributions
Enter cash distributed as part of a liquidation.
Box 10. Noncash Liquidation Distributions
Enter noncash distributions made as part of a liquidation. Show the fair market value as of the date of distribution.
Agree to disagree.
But one thing that this class did not clarify is whether the Form 1099-DIV needs to be filed in the case of a “deemed” liquidation, since there is no actual distribution of cash or other property.
Then on the Form 1040, Schedule D, the liquidating proceeds would be $50,000 and the cost basis would be $50,000, netting to $0 there.
HenryDavid wrote:What’s driving the “deemed” liquidation?
It might be relatively few, but if that’s how the IRS intends for it to be reported, then I will follow the guidance rather than the crowd.
HenryDavid wrote:
2. actually, 11 years "in the accounting industry" may be comparatively light... Jeff-Ohio's comment regarding inexperience may be justified based on the OP ("inexperience" may mean "the question indicates you haven't dealt with this much in the past...")
Users browsing this forum: Google [Bot], Google Adsense [Bot], JAD, Jeff-Ohio, NGeorgiaCPA, Nilodop, Permanently-Diff, ssmiley10, UnlicensedTaxPro and 120 guests