hey guys Ive been reading alot of posts here and I really think this is getting out of hand. It is nice to think we are getting some type of payment here, but we really need to keep our feet on the ground. According to Irs circular 230:
Important Tax Information – Required Tax Forms
For U.S. federal income tax purposes, the LBHI Plan Trust is intended to be treated as a
“liquidating trust” taxable as a “grantor trust” of which the former LBHI stockholders are
regarded as the grantors. [color=red]In this regard, the former stockholders will be treated as directly
receiving an undivided interest in the Plan Stock and then transferring such interest to the LBHI
Plan Trust in exchange for the beneficial interests in the LBHI Plan Trust. Moreover, on a goingforward
basis, each former stockholder of LBHI that is a beneficiary of the LBHI Plan Trust will
be treated for U.S. federal income tax purposes as a direct owner of the underlying assets of the
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LBHI Plan Trust (namely, the Plan Stock), in accordance with its former relative priority and
economic entitlements as a stockholder.
As a beneficiary of the LBHI Plan Trust, it is necessary that each former stockholder of
record provide the LBHI Plan Trust with such holder’s correct U.S. Taxpayer Identification
Number (“TIN”) if such holder is a U.S. person (as defined in the instructions to the enclosed IRS
Form W-9) – which, in the case of a holder who is an individual, is the holder’s social security
number reported on the IRS Form W-9 – or in the case of a non-resident alien or foreign entity,
the appropriate completed IRS Form W-8.
Such tax information is required for trust reporting purposes.
There is a bunch of people here much smarter and brighter than myself here. Just trying to keep my feet on the ground (besides its a shorter fall when you stay grounded)
