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Form 990 or 990-EZ - Schedule N online DE: What You Should Know
An organization that checks this box is limited in the amount of income that can be reported in their next taxable year if the liquidation, termination, or dissolution did not occur in the succeeding year. You must include in the organization's tax return the amount of distributions received in the immediate year and the amount of distributions the organization received other than in the immediate year, and the amount of distributions (withholding tax and interest) made and received in any year after the liquidation, termination, or dissolution. The organizations that use this box on Schedule N have either gone out of business or ceased to exist. Part I. Liquidation, Termination, or Dissolution. An organization goes out of business or fails to exist, or the liquidation is due to a reorganization, does not meet this requirement. The organization can still check a box on Schedule N. The IRS has a special list of organizations that are permitted to do this. Schedule N (Form 990 or 990-EZ) An organization can still use these forms if its liquidation, termination, or dissolution is a result of a reorganization, a change in control, or an amendment by the governing documents of a trust or an individual retirement plan. They should not be used for a liquidation, termination, or dissolution where the corporation has changed the name of the operation. When liquidation is due to a restructuring, the liquidation is due to the new corporation and not to the former organization. This can mean that you're not required to fill this out again if it was previously filed on page 1 of Form 990. When liquidation is due to a new corporation, your liquidation will be due to the new corporation so long as the new corporation has its own separate accounts, separate tax return and separate tax authority. The new corporation can choose how to account for these transactions. The former organization may have to make its part of the payments to the former corporation. Your organization will need to include all its part of the payments in its next tax return. When liquidation or change of control is due to a trust, the liquidation is due to the trust and not to the former organization if the trust does not have separate accounts, separate tax return and separate tax authority. When all the following are shown: · You have not filed a report for previous years which would involve liquidation, termination and dissolution, this form does not have to be completed.
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