Section 337 - Tax Consequences to Subsidiary (1) Subsidiary Not Taxable on Distributions to Parent with Respect to Stock (2) Subsidiary Not Taxable on Transfers in Satisfaction of Debt to Parent (3) Subsidiary Taxable on Certain Distributions to a Tax-Exempt Parent c. Basic Requirements of Nontaxable Subsidiary Liquidations A.
Section 332 - Tax Consequences to Parent (1) Parent's Receipt of Property with Respect to Stock Is Nontaxable (2) Parent's Receipt of Property in Satisfaction of Debt Is Taxable b. Section 334 - Shareholdersâ€™ Basis in Property Received in Liquidation II.
Access was founded in 1994 and distributed its policies through independent agents.
According to the company, Access is the fifth largest writer of non-standard auto business in California.
The California Department of Insurance said the action followed Access’s Statutory Income Statement 2017 Preliminary (unaudited), which showed its policyholder surplus was negative .6 million as of Dec.
Under the March 13 liquidation order issued in a Travis County court, all policies not previously expired will be terminated as of April 12.
Covered claims on all Texas policies will be paid by the Texas Property and Casualty Insurance Guaranty Association.
Liquidations of Corporations Other than 80% Owned Corporate Subsidiaries a. Section 336 - Tax Consequences to the Liquidating Corporation c. Effect of Consolidated Return Rules on 80% Stock Ownership C.
Exclusion of Stock which Is Limited and Preferred as to Dividends 4.
Texas insurance regulators placed into receivership and started the process of liquidating a Texas-domiciled/Atlanta, Georgia-headquartered property/casualty insurance company that the insurance department says is insolvent. is primarily a provider of non-standard auto insurance and is licensed in 22 states, including the four states in the South Central region — Arkansas, Louisiana, Oklahoma and Texas.