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What are the differences, if any, in the tax rules applying to distributions made to a parent corporation and a minority shareholder when a controlled corporation liquidates?
Bankruptcy Procedure
The legal process governed by federal law that allows individuals or businesses unable to meet their financial obligations to discharge or reorganize their debts.
Chapter 11
A provision of the United States Bankruptcy Code that allows for reorganization of a debtor's business affairs and assets.
Reorganization
A process by which a company or entity changes its structure, operations, or financial setup, often to recover from financial distress or improve efficiency.
Liquidation
The process of closing a business and distributing its assets to claimants, typically when it is insolvent.
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