Bulk lots are sold by the truckload, pallet, or small package, and conditions range from new in a box to customer returns and used.Our wide variety of product categories includes apparel, computers, electronics, housewares, industrial equipment, vehicles, and much more.

iliquidating com-9

In the conversion, partners holding Class A interests in the partnership received Class A common stock in the corporation, while partners holding Class B interests received either Class B or Class C common stock in the corporation.

A month later, the corporation made a distribution to its shareholders in their capacity as former partners.

The IRS concluded that the LLC should be treated as a partnership at all times during the 2009 taxable year.

As a result, for tax purposes, the corporation never existed.

Footnotes 1 See Section 336(a) of the Internal Revenue Code.2 See Section 1001 of the Internal Revenue Code.

is a Liquidity Services marketplace where professional buyers can purchase commercial surplus inventory and government surplus assets in an online environment.In the ruling, a partnership required access to “new capital and equity” for the purpose of making acquisitions in its expansion efforts.Accordingly, a corporation was formed based on a “plan of conversion” that transformed a partnership to a corporation.Accordingly, the shareholders recognize gain on the liquidation, measured by the excess of the net value of the property received over the basis of the stock surrendered in the transaction.2 However, in a private letter ruling issued by the IRS late last year, both the corporation and the distributee shareholders were absolved of any tax consequences arising from the liquidation of the corporation.The reason: the entity’s brief stint as a corporation was, in the final analysis, disregarded for tax purposes.KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized.