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Tax consequences of liquidating a corporation

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As part of every liquidation, state and federal income, payroll and capital gains taxes must be paid at both the corporate and individual levels.

A C corporation is a business entity governed by Subchapter C of the Internal Revenue Code.

To recognize a loss, the partner’s basis has to exceed the distribution, and the distribution can only be money, unrealized receivables or inventory.

The anomaly is corporate dissolution without liquidation.You can choose to liquidate your limited company (also called ‘winding up’ a company).The company will stop doing business and employing people. And even when you find yourself in the top 39.6% bracket, that doesn't mean you're paying Uncle Sam nearly 40% of your income. Whether you work at an employer's office or run your own business, you'll have to report your earnings. Learn about your state's tax levies at Bankrate's state tax rates page.When a corporation ceases its business operations, all assets owned by the company must be distributed.This process is known as liquidation and is necessary, even in cases when the corporation is being sold or converted into a different business structure.The company won’t exist once it’s been removed (‘struck off’) from the companies register at Companies House.When you liquidate a company, its assets are used to pay off its debts. You’ll need a validation order to access your company bank account. At more local levels, personal and real property are taxed.Most taxpayers are able to take advantage of at least some of the myriad tax credits and tax deductions available in our tax system. Both can reduce your tax bill, but one is much better than the other.