Form 966

Form 966

A form a corporation (or agricultural coop) must file with the IRS to declare its dissolution and/or liquidation of stock. Form 966 must be filed because liquidation may create a taxable event.
References in periodicals archive ?
6043-1 requires that a liquidating corporation file Form 966, Corporate Dissolution or Liquidation, setting forth the terms of the resolution or plan and other information required by the IRS.
Currently, deemed liquidations under the CTB rules are exempted from the Form 966 filing requirement.
Form 966, Corporate Dissolution or Liquidation, must be filed within 30 days after adoption of the liquidation plan.
Problem: Form 966 (Corporate Dissolution or Liquidation) must be filed with the IRS Service Center as well as with the taxpayer's final tax return.
Currently, Form 966, Corporate Dissolution or Liquidation, is to be used for a QSub election (even for a newly created subsidiary).
331), this intention should be clearly demonstrated by having the PFIC's board of directors pass a resolution to liquidate and filing a Form 966, Corporate Dissolution or Liquidation, within 30 days after the resolution.
The S corporation must file Form 966, Corporate Dissolution or Liquidation, indicating the subsidiary's employer identification number (EIN), the desired effective date of election and the parent's name and EIN.
Form 966 should be filed with the Service Center where the subsidiary fried its most recent tax return.
Notice 97-4 also informed taxpayers that the QSSS election could be made effective up to 75 days before the filing of Form 966.
The effective date of the QSSS election is the date the Form 966 is filed or up to 75 days before.
332, it must file Form 966, Corporate Dissolution or Liquidation, within 30 days of adopting a liquidating plan or resolution.
The notice does not provide for an extension of time to file Form 966 or provide any guidance for the relief of late elections.