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Liquidation of Rural Telephone Bank Produces Excludable Patronage-Sourced Dividends  


Author:  Staff Editors.


Source: Volume 20, Number 06, July/August 2007 , pp.56-59(4)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

In PLR 200713014, a taxpayer organized to furnish electric and telephone communications in rural areas in an unspecified state sought a ruling that the income it realized by the liquidation payment for Class B stock of the Bank was “patronage-sourced” income that would be excluded from the taxpayer’s gross income when allocated to its patrons by a true patronage dividend. The request was granted by the IRS.

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