United Western Bancorp Inc (fka UWBKQ)

[imawswami]

Question regarding potential cash payout...

To the board, and this is more to confirm my suspicions rather than seeking straight up tax advice.

In the event of a payout to the UWBKQ shareholders from a hypothetical Liquidating Trust, within the BK7, any cash received would not be taxed?!

Is the reasoning that, One: The liquidating trust has been meeting it's tax obligations, on holdings, as required.

And Two: What we receive is legally viewed as a transfer and not a payment, with taxes already meted out. Does this read right to you?

Example: If the liquidating trust held FCNCA shares on our behalf, and during this time, the shares earned divies. The tax liability would be met by the Trust at some point before closure.

At the transfer, cash to the shareholder, would not be looked upon as a dividend to be taxed again, but as an unit/asset transferred to us from an account viewed as a legal extension of ourselves both individually/collectively.

Is this the correct interpretation or theory?

Obviously I am not a tax accountant, and this is not advice.

All responses are welcome.

Thanks