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Dividend liquidating

Moreover, the ruling noted that the rulings previously cited in the request for confirmation are reversed and set aside.There was no discussion to guide taxpayers on how to treat liquidating dividends.The surrender of the said shares does not constitute a sale, assignment or transfer because the liquidating corporation is not taking title to the surrendered shares, and the shares are retired and not retained as treasury shares.The tax treatment of liquidating dividends discussed above was supposed to definitively and finally put to rest the conflicting BIR pronouncements on the matter.

There are several ways to dissolve a company, but by far the more widely used one is by shortening the corporate term under Section 120 of the Corporation Code.In the said 2011 ruling, confirmation from the BIR was sought on the following issues: • that the liquidating corporation is not liable for income tax either on its transfer of the properties to its stockholders as liquidating dividend or upon its receipt of the surrendered shares; • no DST is due on the surrender and cancellation of the shares surrendered by the stockholder; • no DST is due on the transfer of the properties from the liquidating corporation to its stockholders; and • the stockholder-recipient shall realize capital gain or loss from the transfer of properties by way of liquidating dividends.The BIR denied the request for confirmation for lack of legal basis under the 1997 Tax Code.Dissolution of a corporation denotes the permanent termination of its legal existence.On the other hand, in dormancy, the corporation ceases its active operations but remains a going-concern for legal purposes.

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