A Plan of Liquidation Must Be Reduced to Writing in Order

question 6

True/False

A plan of liquidation must be reduced to writing in order to be accepted by the Internal Revenue Service.

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Definitions:

Contract

A binding legal agreement between two or more parties that is enforceable by law.

Restrictive Covenant

A clause in a contract or deed that limits what the owner of the land or property can do with it, often to ensure the area's character or value is maintained.

Title Deeds

Legal documents evidencing a person's legal right or title to property, typically land or real estate.

Property

Assets or possessions that are owned or belong to someone, which can include real, personal, or intellectual property.