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Federal Free Printable 2018 Schedule N (Form 990 or 990-EZ ) for 2019 Federal Liquidation, Termination, Dissolution, or Significant Disposition of Assests

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Liquidation, Termination, Dissolution, or Significant Disposition of Assests
2018 Schedule N (Form 990 or 990-EZ )

SCHEDULE N (Form 990 or 990-EZ) Department of the Treasury Internal Revenue Service Liquidation, Termination, Dissolution, or Significant Disposition of Assets ▶ ▶ ▶ ▶ 1 2018 Complete if the organization answered "Yes" on Form 990, Part IV, lines 31 or 32; or Form 990-EZ, line 36. Attach certified copies of any articles of dissolution, resolutions, or plans. Attach to Form 990 or 990-EZ. Go to www.irs.gov/Form990 for the latest information. Open to Public Inspection Employer identification number Name of the organization Part I OMB No. 1545-0047 Liquidation, Termination, or Dissolution. Complete this part if the organization answered “Yes” on Form 990, Part IV, line 31, or Form 990-EZ, line 36. Part I can be duplicated if additional space is needed. (a) Description of asset(s) distributed or transaction expenses paid (b) Date of distribution (c) Fair market value of asset(s) distributed or amount of transaction expenses (d) Method of determining FMV for asset(s) distributed or transaction expenses (e) EIN of recipient (f) Name and address of recipient (g) IRC section of recipient(s) (if tax-exempt) or type of entity Yes No 2 Did or will any officer, director, trustee, or key employee of the organization: a Become a director or trustee of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . . . . . . . b Become an employee of, or independent contractor for, a successor or transferee organization? . . . . . . . . . . . . . . . . . . c Become a direct or indirect owner of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . . . . . d Receive, or become entitled to, compensation or other similar payments as a result of the organization’s liquidation, termination, or dissolution? . . e If the organization answered “Yes” to any of the questions on lines 2a through 2d, provide the name of the person involved and explain in Part III. ▶ For Paperwork Reduction Act Notice, see the Instructions for Form 990 or Form 990-EZ. Cat. No. 50087Z . . . . 2a 2b 2c 2d Schedule N (Form 990 or 990-EZ) 2018 Schedule N (Form 990 or 990-EZ) 2018 Part I Page Note: If the organization distributed all of its assets during the tax year, then Form 990, Part X, column (B), line 16 (Total assets), and line 26 (Total liabilities), should equal -0-. 3 4a b 5 6a b c Did the organization distribute its assets in accordance with its governing instrument(s)? If “No,” describe in Part III . . . . . . . . . . . . . Is the organization required to notify the attorney general or other appropriate state official of its intent to dissolve, liquidate, or terminate? . . . . . If “Yes,” did the organization provide such notice? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Did the organization discharge or pay all of its liabilities in accordance with state laws? . . . . . . . . . . . . . . . . . . . . . . Did the organization have any tax-exempt bonds outstanding during the year? . . . . . . . . . . . . . . . . . . . . . . . . . If “Yes” to line 6a, did the organization discharge or defease all of its tax-exempt bond liabilities during the tax year in accordance with the Internal Revenue Code and state laws? If “Yes” on line 6b, describe in Part III how the organization defeased or otherwise settled these liabilities. If “No” on line 6b, explain in Part III. Part II 1 2 Liquidation, Termination, or Dissolution (continued) Yes No 3 4a 4b 5 6a 6b Sale, Exchange, Disposition, or Other Transfer of More Than 25% of the Organization’s Assets. Complete this part if the organization answered “Yes” on Form 990, Part IV, line 32, or Form 990-EZ, line 36. Part II can be duplicated if additional space is needed. (a) Description of asset(s) distributed or transaction expenses paid (b) Date of distribution (c) Fair market value of asset(s) distributed or amount of transaction expenses (d) Method of determining FMV for asset(s) distributed or transaction expenses (e) EIN of recipient (f) Name and address of recipient (g) IRC section of recipient(s) (if tax-exempt) or type of entity Yes No 2 Did or will any officer, director, trustee, or key employee of the organization: a Become a director or trustee of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . . . . . b Become an employee of, or independent contractor for, a successor or transferee organization? . . . . . . . . . . . . . . . . c Become a direct or indirect owner of a successor or transferee organization? . . . . . . . . . . . . . . . . . . . . . . d Receive, or become entitled to, compensation or other similar payments as a result of the organization’s significant disposition of assets? . . e If the organization answered “Yes” to any of the questions on lines 2a through 2d, provide the name of the person involved and explain in Part III . . . . . . . . . . . . . 2a 2b 2c 2d ▶ Schedule N (Form 990 or 990-EZ) 2018 Schedule N (Form 990 or 990-EZ) 2018 Part III Page 3 Supplemental Information. Provide the information required by Part I, lines 2e and 6c, and Part II, line 2e. Also complete this part to provide any additional information. Schedule N (Form 990 or 990-EZ) 2018 Page 4 Schedule N (Form 990 or 990-EZ) 2018 General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Future developments. For the latest information about developments related to Schedule N (Form 990 or 990-EZ), such as legislation enacted after the schedule and its instructions were published, go to www.irs.gov/Form990. Note: Terms in bold are defined in the Glossary of the Instructions for Form 990. Purpose of Schedule Schedule N (Form 990 or 990-EZ) is used by an organization that files Form 990 or Form 990-EZ to report going out of existence or disposing of more than 25 percent of its net assets through sale, exchange, or other disposition. An organization that completely liquidated, terminated, or dissolved and ceased operations during the tax year must complete Part I. An organization that was still in the process of winding up its affairs at the end of the tax year, but hadn't completely liquidated, terminated, or dissolved and ceased operations, shouldn't complete Part I, but may need to complete Part II. An organization that has made a significant disposition of net assets must complete Part II. For an organization filing Form 990-EZ, see the Instructions for Form 990-EZ, line 36, for Part II reporting requirements. An organization that has terminated its operations and has no plans for future activities must complete only Part I and not Part II of this schedule. If there are more transactions to report in Parts I and II than space available, those parts can be duplicated to report the additional transactions. Use Part III to report additional narrative information (see Part III instructions, later). Who Must File Any organization that answered “Yes” to Form 990, Part IV, Checklist of Required Schedules, line 31 or 32; or Form 990-EZ, line 36; must complete and attach Schedule N to Form 990 or Form 990-EZ, as applicable. If an organization isn't required to file Form 990 or Form 990-EZ but chooses to do so, it must file a complete return and provide all of the information requested, including the required schedules. Specific Instructions Part I. Liquidation, Termination, or Dissolution If the organization answered “Yes” to Form 990, Part IV, line 31, it must complete Part I. If the organization answered “Yes” to Form 990-EZ, line 36, because it fully liquidated, dissolved, or terminated during the tax year, it must complete Part I. An organization must answer “Yes” to either of these lines if it has ceased operations and has no plans to continue any activities or operations in the future. This includes an organization that has dissolved, liquidated, terminated, or merged into a successor organization. An organization must support any claim to have liquidated, terminated, dissolved, or merged CAUTION by attaching a certified copy of its articles of dissolution or merger. If a certified copy of its articles of dissolution or merger isn't available, the organization may submit resolutions of its governing board approving dissolution or merger, and/or plans of liquidation or merger approved by its governing board. An organization filing Schedule N shouldn't report its liquidation, termination, or dissolution in a letter to IRS Exempt Organizations, Determinations (“EO Determinations”). EO Determinations no longer issues letters confirming that the organization’s tax-exempt status was terminated upon its liquidation, termination, or dissolution. ! ▲ Line 1. List assets transferred in the liquidation, termination, dissolution, or merger. If there are more transactions to report in Part I than space available, Part I can be duplicated to report the additional transactions. Column (a). Assets should be aggregated into categories and should be sufficiently described. Separately list related transaction expenses of at least $10,000. A transaction expense consists of a payment to a professional or other third party for services rendered to assist in the transaction or in the winding down of the organization’s activities, such as attorney or accountant fees. Brokerage fees shouldn't be included as transaction expenses in column (a), but should be included in the fair market value (FMV) amount in column (c). Column (b). Enter the date the assets were distributed or the date when the transaction expense was paid. Column (c). Enter the FMV of the asset distributed or the amount of transaction expense paid. Column (d). Enter the method of valuation for the asset being distributed. Methods of valuation include appraisals, comparables, book value, actual cost (with or without depreciation), and outstanding offers (among other methods). For transaction expenses, provide the method for determining the amount of the expense, such as an hourly rate or fixed fee. Columns (e) and (f). Enter the EIN, name, and address of each recipient of assets distributed or transaction expenses paid. Don't enter social security numbers of individual recipients. For membership organizations that transfer assets to individual members, the names of individual members needn't be reported. Rather, the members may be aggregated into specific classes of membership, or they may be aggregated into one group, if there is only one class of membership. Column (g). Enter the section of the Internal Revenue Code under which the transferee organization is tax-exempt (for instance, section 501(c)(3) or 501(c)(4)), if it is exempt. For recipients that aren't tax-exempt under a particular section of the Code, enter the type of entity. Examples of types of entity are government agencies or governmental units, or a limited liability company (LLC). Report “individual” if the recipient isn't an entity. Line 2. Report whether any officer, director, trustee, or key employee listed in Form 990, Part VII, Section A, is (or is expected to become) involved in a successor or transferee organization by governing, controlling, or having a financial interest in that organization. “Having a financial interest” includes receiving payments from a successor or transferee organization as an employee, independent contractor, or in any other capacity. Line 2a. Check “Yes” if any officer, director, trustee, or key employee listed in Form 990, Part VII, Section A, is (or is expected to become) a director or trustee of a successor or transferee organization. Line 2b. Check “Yes” if any officer, director, trustee, or key employee listed in Form 990, Part VII, Section A, is (or is expected to become) an employee of, or independent contractor for, a successor or transferee organization. Line 2c. Check “Yes” if any officer, director, trustee, or key employee listed on Form 990, Part VII, Section A, is (or is expected to become) an owner, whether direct or indirect, in a successor or transferee organization. Line 2d. Check “Yes” if any officer, director, trustee, or key employee listed on Form 990, Part VII, Section A, has received or is expected to receive “compensation or other similar payment” as a result of the liquidation, termination, or dissolution of the organization, whether paid by the organization or a successor or transferee organization. For this purpose, “compensation or other similar payment” includes a severance payment, a “change in control” payment, or any other payment that wouldn't have been made to the individual if the dissolution, liquidation, or termination of the organization hadn't occurred. Line 2e. If the organization checked “Yes” to any of the other questions on lines 2a through 2d, provide the name of the person involved, and explain in Part III the nature of the listed person’s relationship with the successor or transferee organization and the type of benefit received or to be received by the person. Line 3. Check “Yes” if the organization’s assets were distributed in accordance with its governing instrument. Line 4a. Check “Yes” if the organization is required to notify a state attorney general or other appropriate state official of the organization’s intent to dissolve, liquidate, or terminate. Line 4b. Check “Yes” if the organization provided the notice described in line 4a. Line 5. Check “Yes” if the organization discharged or paid all of its liabilities in accordance with state law. Line 6a. Check “Yes” and complete line 6b if the organization had any tax-exempt bonds outstanding during the year. Line 6b. Check “Yes” and complete line 6c if the organization discharged or defeased all of its tax-exempt bond liabilities during the tax year. Leave line 6b blank if the answer to line 6a is "No." Page 5 Schedule N (Form 990 or 990-EZ) 2018 Line 6c. If the organization checked “Yes” on line 6b, explain in Part III how the bond liabilities were discharged, defeased, or otherwise settled during the year. Also provide an explanation if any bond liabilities were discharged, defeased, or otherwise settled other than in accordance with the Code or applicable state law, or if the organization did not discharge or defease any of its bond liabilities. If the organization avoided the need for a defeasance of bonds, such as through the transfer of assets to another section 501(c)(3) organization, provide the name of the transferees of such assets, the CUSIP number of the bond issue, and a description of the terms of such arrangements in Part III. An organization that completes Part I doesn't complete Part II. TIP Part II. Sale, Exchange, Disposition, or Other Transfer of More Than 25 Percent of the Organization’s Assets If an organization answered “Yes” to Form 990, Part IV, line 32 or Form 990-EZ, line 36, because it made a significant disposition of net assets during the tax year, it must complete Part II. A significant disposition of the organization’s net assets includes a sale, exchange, disposition, or other transfer of more than 25 percent of the FMV of its net assets during the tax year, regardless of whether the organization received full and adequate consideration. A significant disposition of net assets involves: 1. One or more dispositions during the organization’s tax year amounting to more than 25 percent of the FMV of the organization’s net assets as of the beginning of its tax year; or 2. One of a series of related dispositions or events commenced in a prior year, that, when combined, comprise more than 25 percent of the FMV of the organization’s net assets as of the beginning of the tax year when the first disposition in the series was made. Whether a significant disposition occurred through a series of related dispositions or events depends on the facts and circumstances in each case. A significant disposition of net assets may result from either an expansion or a contraction of operations. Examples of the types of transactions required to be reported in Part II as significant dispositions of net assets include the following: • Taxable or tax-free sales or exchanges of exempt assets for cash or other consideration (such as a social club described in section 501(c)(7) selling land or assets it had used to further its exempt purposes). • Sales, contributions, or other transfers of assets to establish or maintain a partnership, joint venture, or a corporation (for-profit or nonprofit) regardless of whether such sales or transfers are governed by section 721 or section 351, and whether or not the transferor receives an ownership interest in exchange for the transfer. • Sales of assets by a partnership or joint venture in which the organization has an ownership interest. • Transfers of assets pursuant to a reorganization in which the organization is a surviving entity. The following types of situations aren't required to be reported in Part II: • The change in composition of publicly traded securities held in an exempt organization’s passive investment portfolio. • Asset sales made in the ordinary course of the organization's exempt activities to accomplish the organization's exempt purposes; for instance, gross sales of inventory. • Grants or other assistance made in the ordinary course of the organization's exempt activities to accomplish the organization's exempt purposes; for instance, the regular charitable distributions of a United Way or other federated fundraising organization. • A decrease in the value of net assets due to market fluctuation in the value of assets held by the organization. • Transfers to a disregarded entity of which the organization is the sole member. For purposes of Schedule N, “net assets” means total assets less total liabilities. The determination of a significant disposition of net assets is made by reference to the FMV of the organization’s net assets at the beginning of the tax year (in the case of a series of related dispositions that commenced in a prior year, at the beginning of the tax year during which the first disposition was made). Line 1. Refer to the instructions for Part I, line 1, columns (a)–(g), earlier. If there are more transactions to report in Part II than space available, Part II can be duplicated to report the additional transactions. Line 2. Refer to the instructions for Part I, line 2, earlier. Part III. Supplemental Information Use Part III to provide the narrative information required in Part I, lines 2e, 3, and 6c, and Part II, line 2e. Also use Part III to provide additional narrative explanations and descriptions as necessary to support or supplement any responses in Part I or II. Identify the specific part and line(s) that the response supports. Part III may be duplicated if more space is needed.
Extracted from PDF file 2018-federal-form-990-or-990-ez-sch-n.pdf, last modified October 2018

More about the Federal Form 990 or 990-EZ (Sch N) Corporate Income Tax TY 2018

We last updated the Liquidation, Termination, Dissolution, or Significant Disposition of Assests in December 2018, so this is the latest version of Form 990 or 990-EZ (Sch N), fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 990 or 990-EZ (Sch N) directly from TaxFormFinder. You can print other Federal tax forms here.

Related Federal Corporate Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal Form 990 or 990-EZ (Sch N).

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Form 990 or 990-EZ (Sch A) Public Charity Status and Public Support
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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 990 or 990-EZ (Sch N) from the Internal Revenue Service in December 2018.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Federal Form 990 or 990-EZ (Sch N)

We have a total of eight past-year versions of Form 990 or 990-EZ (Sch N) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form 990 or 990-EZ (Sch N)

2018 Schedule N (Form 990 or 990-EZ )

2017 Form 990 or 990-EZ (Sch N)

2017 Schedule N (Form 990 or 990-EZ )

2016 Form 990 or 990-EZ (Sch N)

2016 Form 990 or 990-EZ (Schedule N)

Liquidation, Termination, Dissolution, or Significant Disposition of Assests 2015 Form 990 or 990-EZ (Sch N)

2015 Form 990 or 990-EZ (Schedule N)

Liquidation, Termination, Dissolution, or Significant Disposition of Assests 2014 Form 990 or 990-EZ (Sch N)

2014 Form 990 or 990-EZ (Schedule N)

Liquidation, Termination, Dissolution or Significant Disposition of Assests 2013 Form 990 or 990-EZ (Sch N)

2013 Form 990 or 990-EZ (Schedule N)

Liquidation, Termination, Dissolution or Significant Disposition of Assests 2012 Form 990 or 990-EZ (Sch N)

2012 Form 990 or 990-EZ (Schedule N)

Liquidation, Termination, Dissolution or Significant Disposition of Assests 2011 Form 990 or 990-EZ (Sch N)

2011 Form 990 or 990-EZ (Schedule N)


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