Consequences of liquidating
You don't have to itemize on your tax return to claim the medical expense exception.
Certain government employees can access their retirement savings starting at age 50 if they retire or leave their jobs rather than waiting until age 55.
When determining whether a closely held corporation should be liquidated, the tax consequences to the shareholders should be considered.
In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.
The Ruling sets out the tax consequences of a ‘liquidation distribution’, as defined in s47(1)(a) of the Income Tax Act, No 58 of 1962 (Act), followed by an ‘amalgamation transaction’ as contemplated in s44(1)(a) of the Act.
But when you take a distribution from your IRA, 401(k) or another retirement savings plan, you must generally include it as taxable income.
The withdrawal may also be subject to an additional penalty tax of 10 or even 25 percent.
The rapid growth of CRE portfolios led to high concentrations that increased the banks exposure to the sustained real estate and economic downturn that began in 2007.
GAOs econometric model revealed that CRE concentrations and the use of brokered deposits, a funding source carrying higher risk than core deposits, were associated with an increased likelihood of failure for banks across all states during the period.