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Corporate Liquidations: Transmuting Ordinary Income into Capital Gains

Tom J. Farer
Harvard Law Review
Vol. 75, No. 3 (Jan., 1962), pp. 527-547
DOI: 10.2307/1338392
Stable URL: http://www.jstor.org/stable/1338392
Page Count: 21
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Corporate Liquidations: Transmuting Ordinary Income into Capital Gains
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Abstract

The author contends that the Code provisions taxing shareholders at capital gains rates upon the proceeds of a corporate liquidation have been interpreted to permit some income properly attributable to the corporation to escape the corporate ordinary income tax. After examining whether this result is compelled by the Code, he suggests that legislation allowing attribution of income to a dissolved corporation may be necessary.

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