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Does the term "liquidation" in reference to form 1099-DIV apply to LLCs with no shares?

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Just curious as to what the specific IRS definition of "liquidation" describes.

Is it any event where $600 or more is taken from a legal entity or is it specifically in regards to liquidation of shares?

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Level 15

If an LLC has elected to be taxed as a corporation, it is a corporation for US income tax purposes. All corporate income tax provisions apply.


ex-AllStar
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Level 15

@Gonetech wrote:

Just curious as to what the specific IRS definition of "liquidation" describes.

  Removed Link


Don't click on this.  It's a click bait.

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Still an AllStar
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Level 12

@itonewbie 

 

You should edit your reply to remove the link in your quote of caution.

Also, did you know that when I started this reply using the at sign, your name exists twice, and one is "@itonewbie-duplicate"?

 

I'm going to flag this post to get the attention of Intuit. Perhaps they can fix both issues for you.

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"Level Up" is a gaming function, not a real life function.
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Level 15

Thank you, @qbteachmt!

Would never have known that there is an itonewbie-duplicate! Smiley Happy

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Still an AllStar
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Level 12

"Would never have known that there is an itonewbie-duplicate!"

You are twice as good as the rest, apparently...

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"Level Up" is a gaming function, not a real life function.