After some 'seasoning," the non-REIT corporation would plan to liquidate the REIT.
For the next three years, the recipient corporation would not pay tax on the REIT's distributions, which continued to be eligible for the dividends paid deduction.
The net effect was that the corporation and the REIT did not pay taxes on the REIT's earnings (typically, mortgage interest) during the liquidation period. 2122) that would end the tax benefits arising from the transactions described above.
Proposed legislation On May 22, Senators Roth (R-DE) and Moynihan (D-NY) and Representative Archer (R-TX) introduced legislation (H. The proposed legislation would raise over billion over five years, and we expect that it likely will be included in a tax bill this year.
The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Non-Debtor subsidiaries.Res Cap Liquidating Trust’s mission is to maximize returns to Unitholders by vigorously pursuing and resolving the mortgage correspondent litigation, monetizing the Trust’s remaining assets in a timely and efficient manner and finalizing resolution of remaining claims.The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies.The industry experienced significant expansion in the late 1960s and early 1970s.