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42 Tax L. Rev. 573 (1986-1987)
Issue 4

handle is hein.journals/taxlr42 and id is 583 raw text is: Taxing Corporate Liquidations (and Related Matters) After the Tax Reform Act of 1986 Table of Contents Page I. INTRODUCTION ......................................... 575 II. BACKGROUND AND LEGISLATIVE HISTORY ................... 579 III. OVERVIEW OF 1986 ACT CHANGES ......................... 585 IV. LIQUIDATING DISTRIBUTIONS AND SALES .................... 586 A. In General ........................................ 586 B. Exception for Section 332 Liquidations ................ 588 1. Generally ...................................... 588 2. Tax-Exempt 80-Percent Distributees ................ 591 a. In General .................................. 591 b. Collateral Issues .............................. 593 3. Minority Shareholders ............................ 595 C. Exception for Reorganizations ........................ 596 1. Liquidating Distributions Under Section 355 .......... 596 2. Distributions in C Reorganizations .................. 598 a. What is the Controlling Provision? ................ 599 b. Distributions to Target Creditors ................ 603 c. Does Target 'Liquidate Pursuant to Reorganization? 604 d. Should Section 332 or Sections 354 and 356 Control Tax Consequences to Controlling Corporate Distributee? .................................. 606 e. May Target Recognize Loss in Distribution? ........ 608 f. Role of Section 311 ............................ 609 g. Summary .................................... 610 3. Basis of Property Received by Target in Reorganization Exchange .......................... 611 4. Proposed Alternative ............................. 614 a. Treatment of Boot ............................ 614 b. Treatment of Target's Receipt of Stock or Securities of Acquiring Corporation .............. 615 D. Limitations on Recognition of Losses .................. 619 1. Distributions to Related Parties .................... 620 a. Not pro rata Distributions .................... 621 b. Distributions of Disqualified Property . .......... 624 c. Interrelationship with Section 267 ................ 626 2. Distributions of Property Acquired in Certain Substituted Basis Transactions With Prohibited Purpose ....................................... 629 573 Imaged with the Permission of N.Y.U. Tax Law Review

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