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Liquidating distributions c corporation
For other taxpayers, the tax rate on dividends remains 15 percent.
The maximum individual federal income tax rate is 20 percent for high income taxpayers assuming the gains are long-term because the stock has been held for more than a year.
This applies to singles with taxable income above $400,000, (married joint-filing couples with income above $450,000). The borrower has a reasonable prospect of being able to repay the loan.
As such, the withdrawals triggered capital gains and taxable dividends for the shareholders.
Corporate Distribution Basics Non-liquidating distributions paid by C corporations to individual shareholders can potentially fall into three different layers for federal income tax purposes.
Distributions to the shareholder are not included in the shareholder’s gross income to the extent that the distribution does not exceed the shareholder’s basis in the stock.
Because the tax consequences of distributions depend on the shareholder’s basis, it is important to keep up with changes in the shareholder’s basis over time.While there are some differences, the S corporation basis system is similar to the rules that apply to partnerships.The tax consequences of distributions by an S corporation to a shareholder depend on the shareholder’s basis in the S corporation stock.The only way to control the tax consequences is to document what the transactions are intended to be and follow through by acting accordingly. When transactions are intended to be loans, the objective factors in the right-hand box must be considered and respected. If the S corporation distributes appreciated property to a shareholder, the corporation must recognize gain as if the property were sold to the shareholder at fair market value.Liquidating distributions are not governed by the normal S corporation distribution rules.Withdrawals from each layer have different tax consequences.Corporate distributions of cash or property are classified as taxable dividends to the extent of the corporation’s current or accumulated earnings and profits, which is a tax accounting concept that is somewhat similar to the financial accounting concept of retained earnings.The shareholder’s basis is decreased (but not below zero) by the shareholder’s share of the S corporation’s items of loss and deduction, nondeductible expenses (except expenses that are not chargeable to the capital account), depletion deduction for oil and gas property, and distributions to the shareholder that are not made from accumulated earnings and profits.Like C corporations, S corporations do not recognize any gain or loss on a distribution of cash to its shareholders.