common requirement for a tax free reorganization d4
When a corporation is sold, sellers often wish to defer the taxable gain on a sale of shares. Under the US tax code, such gain deferral may be accomplished through a tax-free reorganization pursuant to IRC Sec. 368(a)(1). Please consider the common requirements (listed below) that each one of these reorganization types must meet to qualify for tax-free treatment. Please select one requirement and discuss how failure to meet the requirement may preclude qualifying for a tax-free reorganization. Your document should be 300-400 words with references.
- Pursuant to plan of reorganization
- Continuity of interest
- Continuity of business enterprise
- Business purpose test
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