OrbitaxIRS Provides Updated Procedures for Requesting Rulings on Tax-Free Corporate Divisions Under Section 355
|Approved Changes|United States
The U.S. IRS has announced Revenue Procedure 2024-24, which provides updated procedures for taxpayers requesting private letter rulings from the IRS regarding certain matters pertaining to section 355 transactions. Section 355 of the Internal Revenue Code provides that if certain requirements are met, a corporation may distribute stock and securities in a controlled corporation to its sharehol…
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