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Disbanding a club
Unfortunately our club has decided that it's time to
disband. I read through the instructions and I'm wondering
if, since it's so close to the end of the year, we can sell
all of our stocks and liquidate and then complete a tax
return like we normally would if we remained a club in
February of 2011? Or is it best if a complete a partial
year tax return now?
If you disband and distribute all of your assets by the end of December, you can file your return normally. Even if you were to disband in November, I would wait for the final release of the 2010 tax forms and file before April 15, 2011.
 
However, if the club doesn't distribute its assets before December 31, it will have to file a final, short-year 2011 tax return when it does finish the dissolution.
 
Ira Smilovitz
Join me at InvestEd 2011
Investor Education at Its BestTM
San Diego, CA May 13-15, 2011
http://www.investor-education2011.org/
 
In a message dated 10/20/10 22:28:22 Eastern Daylight Time, lindamdp@bivio.com writes:
Unfortunately our club has decided that it's time to
disband.  I read through the instructions and I'm wondering
if, since it's so close to the end of the year, we can sell
all of our stocks and liquidate and then complete a tax
return like we normally would if we remained a club  in
February of 2011?  Or is it best if a complete a partial
year tax return now?