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Posted by / 24-Dec-2016 18:02

Liquidating distribution on 1099

If a person receives cash liquidating distributions that equal a sum that is less than his basis in the corporation's stock, he records a capital loss.

The length of time a taxpayer owns the stock issued by the liquidating corporation determines whether he records his capital gain or loss as short-term or long-term on his federal taxes.

After the basis of your stock has been reduced to zero, you must report the liquidating distribution as a capital gain.

See If you acquired stock in the same corporation in more than one transaction, you own more than one block of stock in the corporation.Any distribution in excess of basis for an S that's always been an S is automatically capital gains.' data-inline-edit-type='wysiwyg' data-inline-edit-url='/answers/529988' id='inline_edit_answer_529988_body' Liquidating divs related to E&P go on a 1099-DIV.For an S that's always been an S, they don't go on a 1099-DIV.If a person's holding period exceeds one year, the IRS views his capital gain or loss as long-term.If a taxpayer purchased stock in a corporation in several separate transactions and the corporation decides to completely liquidate its assets, the IRS requires the stockholder to spread any cash liquidation distributions over each of the different blocks of shares he owns.

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