Demutualization refers to a reorganization, in which a mutual insurance company becomes a stock company. This is accomplished through the payment of stock or cash to policyholders upon the discontinuation of the mutual company.

Qualified tuition reductions, such as Ohio University’s Education Benefit, are excludable from an employee’s gross income under Section 117(d) of the Internal Revenue Code. IRS Publication 970, Tax Benefits for Education (http://www.irs.gov/pub/irs-pdf/p970.pdf) further explains the meaning of a qualified tuition reduction. See similar questions...

The acquisition has been structured to qualify as a tax-free reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended. As a result, Macromedia stockholders will not recognize gain or loss for United States federal income tax purposes upon the exchange of shares of Macromedia common stock for shares of Adobe common stock, except with respect to cash received in lieu of fractional shares of Adobe common stock. See similar questions...

Because reverse mortgages are considered loan advances and not income, the IRS considers them to be not taxable. Similarly, having a reverse mortgage should not affect your Social Security or Medicare benefits. If you receive SSI, Medicaid, or other public assistance, your reverse mortgage loan advances are only counted as "liquid assets" if you keep them in an account past the end of the calendar month in which you receive them. See similar questions...

None. The Internal Revenue Service has ruled that there are no tax consequences to the client, the lawyer, or MLSC. Also, there are no IRS reporting requirements for the lawyer, financial institutions or client since all IOLTA accounts will use the tax identification number of MLSC (Tax I.D. number 521266744). -back to top- See similar questions...

The offshore trust is tax neutral. That means your U.S. income, estate and gift tax liabilities remain unchanged. The offshore trust is established in a tax-free jurisdiction so there are no foreign taxes applicable to the trust. See similar questions...

If a contributor dies after contributing to a QTP, the account value is not considered to be a part of his/her estate. However, if the five-year forwarding election is made, the portion of the contribution allocable to calendar years beginning after the date of death is includible in the contributor's gross estate. Note: You should contact your tax advisor for more information on how you are affected by gift and estate tax requirements. See similar questions...

There will not be any additional tax due resulting from the 2-for-1 split and no tax will be triggered upon the split. Investors should consult with their own tax advisor with respect to their particular situation and the impact of state, local, estate and/or gift taxes. See similar questions...

A 1099-DIV will be issued in January 2008 on all dividend amounts of $10 or more. Foreign investors will receive a 1042S which shows applicable withholdings per US treaties. Investors should consult with their own tax advisor with respect to their particular situation and the impact of any applicable taxes. Contact this hotline to report any problem or concern involving ethical or compliance violations or complaints regarding accounting, internal accounting controls or auditing matters. See similar questions...

Being in the market only six months each year would have a tax penalty for some investors. Whether that penalty would be serious enough to offset the benefit of tripling the Dow over the long term, but paying the tax bill as we go, rather than letting the tax bill accumulate, is difficult to determine in a manner satisfactory to everyone. So we don't try. Tax rates vary dramatically depending on an investor's tax bracket. See similar questions...

According to the Internal Revenue Service, IOLTA participation imposes no tax consequences to the client or the lawyer. See Revenue Ruling 81-209. Each IOLTA account will bear the tax identification number of the IOLTA Board of Trustees to ensure that all accumulated interest is reported as income of the IOLTA program. If your bank needs IOLTA's tax id number, please contact the IOLTA office. See similar questions...

If your creditor settles your debt for more than $600 less than what you owed, the savings may be reported by your creditor to the IRS as Discharge of Indebtedness Income. You understand that Progressive Debt Relief assusmes that you enrolled in its Debt Settlement Plan because you are insolvent, having financial difficulties with your unsecured debts, and/or have used a Debt Settlement Plan to avoid filing for bankruptcy. The IRS website www.ustreas.irs. See similar questions...

Your receipt of monetary relief under the Gallagher Settlement Agreement might have tax consequences for you. Those tax consequences might vary, depending upon individual circumstances. Neither the Plaintiffs nor Gallagher can advise you about any tax consequences that might arise from your receipt of monetary settlement relief. See similar questions...