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.
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1.6043-1 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.
Another alternative to filing an annual Form 8858 is to permit an electing taxpayer to file a form similar to Form 966, Corporate Liquidation or Dissolution, upon an election to treat an entity as a disregarded entity and the deemed section 332 liquidation occurs.
Form 966, Corporate Dissolution or Liquidation, must be filed with the IRS within 30 days after the adoption of the plan of liquidation.
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.
The parent must file Form 966, Corporate Dissolution or Liquidation, printing at the top "FILED UNDER NOTICE 97-4" to make a QSub election.
332 must file Form 966, Corporate Dissolution or Liquidation, to notify the IRS of a deemed election.
Scot: Prior to the issuance of the proposed regulations, the Service issued temporary guidance on the QSSS election in Notice 97-4.(5) Essentially, Notice 97-4 instructed taxpayers to use Form 966, Corporate Dissolution or Liquidation, which is normally the form used to disclose an actual liquidation of a corporate subsidiary, to make the QSSS election.
When Form 966, Corporate Dissolution or Liquidation, is filed, a QSSS election should also be made on Form 966.