This was done not to educate them, but primarily to break their link to their culture and identity.In justifying the government’s residential school policy, Canada’s first prime minister, Sir John A.331 when they receive the liquidation proceeds in exchange for their stock.
331, a liquidating distribution is considered to be full payment in exchange for the shareholder’s stock, rather than a dividend distribution, to the extent of the corporation’s earnings and profits (E&P).
The shareholders generally recognize gain (or loss) in an amount equal to the difference between the fair market value (FMV) of the assets received (whether they are cash, other property, or both) and the adjusted basis of the stock surrendered.
Upon distribution of property in complete liquidation, the corporation is treated as if the distributed property is sold at FMV to the distributee (Sec. The distributee shareholder generally must recognize gain or loss equal to the difference between the FMV of the property received and his or her basis in the corporation's stock (Sec. Possibility of Gain or Loss Recognition Gain is recognized by a member in an LLC classified as a partnership on the receipt of a liquidating distribution to the extent money is distributed in excess of the distributee member's basis in his or her LLC interest (see Sec. 751 hot assets (unrealized receivables and substantially appreciated inventory) are not proportionate (see Sec.
751(b)); (2) property that had an FMV different from basis on the date of contribution is distributed to a member other than the contributing member within seven years of contribution (see Sec.
Upon complete liquidation of a limited liability company (LLC) classified as a partnership, a distributee member generally does not recognize gain unless the cash and the fair market value (FMV) of marketable securities distributed exceed the outside basis in his or her LLC interest (Secs. (Note that this column addresses the complete liquidation of an LLC as opposed to liquidation payments made to a retiring member or a deceased member's successor in interest.) Likewise, no gain or loss is recognized by the LLC on a liquidating distribution (Sec. These general rules regarding gain or loss on liquidation are a major reason for formation as an LLC rather than as a corporation.
While both entities provide owners with protection from liability, a corporation and its shareholders generally must both recognize gain or loss on liquidation. 731(a)(1) when a member receives marketable securities that are treated as money in excess of the member's basis in his or her LLC interest (see Sec. In addition, gain may be recognized if (1) distributions of Sec.States that engage in cultural genocide set out to destroy the political and social institutions of the targeted group.Land is seized, and populations are forcibly transferred and their movement is restricted. Spiritual leaders are persecuted, spiritual practices are forbidden, and objects of spiritual value are confiscated and destroyed.Divide distributions in partial liquidation among that part of the stock that is redeemed in the partial liquidation.After the basis of a block of stock is reduced to zero, you must report the part of any later distribution for that block as a capital gain.If you acquired stock in the same corporation in more than one transaction, you own more than one block of stock in the corporation.