qualified liquidation
Defined in 2 places of the United States Code.
The term “qualified liquidation” means—
(A) a decrease in the closing inventory of the liquidation year from the opening inventory of such year, but only if
(B) the taxpayer establishes to the satisfaction of the Secretary that such decrease is directly and primarily attributable to a qualified inventory interruption.
Source
- 1994–present26 U.S.C. § 473Internal Revenue Code · Qualified liquidations of LIFO inventories · for purposes of this section
The term “qualified liquidation” means a transaction in which—
(i) the REMIC adopts a plan of complete liquidation,
(ii) such REMIC sells all its assets (other than cash) within the liquidation period, and
(iii) all proceeds of the liquidation (plus the cash), less assets retained to meet claims, are credited or distributed to holders of regular or residual interests on or before the last day of the liquidation period.
Source
- 1994–present26 U.S.C. § 860FInternal Revenue Code · Other rules · for purposes of this part