Liquadating


07-Dec-2019 06:23

This reserve could be held in the trust for any contingent liabilities as they become due.

A liquidating trust is a new legal entity that becomes successor to the liquidating fund.

Download PDF When "Liquidating Trust" is mentioned, most people associate this with bankruptcy.

In a bankruptcy, a liquidating trust may be formed whereby certain assets are placed in a trust for the benefit of creditors who may have certain claims against those assets.

Over the last decade, a number of firms have been established to provide trustee services in addition to trust departments of banks.

A liquidating trust is generally considered a grantor trust for tax purposes.

Upon the deemed contribution of the assets to the liquidating trust, the trust will have the same adjusted bases in its assets as the partners had in those assets immediately prior to the transfer to the trust.

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The liquidating trust normally has a lower cost structure than the existing fund and is managed on an "as needed" basis by the trustee as opposed to a full-time basis for the fund.

Each owner must recognize a gain or loss on the deemed distribution received in liquidation.

Such gain or loss is measured by the difference between the fair value of the liquidating distribution and the owner's adjusted basis in the corporation.

The basis of property received in complete liquidation of a partner's interest is the adjusted basis of the partner's interest in the partnership, reduced by any money distributed in the same transaction.

Thus, the partner's basis in the property can never be greater than the partner's basis in the partnership.However, a partner generally must recognize gain on the distribution of property (other than money) if the partner contributed appreciated property during the 7-year period before the distribution.



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