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Form 4626 AR: What You Should Know
The preferred stock is held or outstanding if the beneficial owner of the preferred stock is an individual or an estate. A partnership holds the preferred stock if at least one partner has a right to the value of the preferred stock. A family may hold a controlling interest in a partnership, trust, estate, or business in the manner defined in IRC §7621 (a)(5)(B). Under this definition, the holder of a controlling interest is considered the person in control of the corporation in which the partnership, trust, or estate is located. The preferred stock is held in one of the following manners under IRC §7621(b)(5)(A): ● By an organization, a trust, estate, or business in which all partners are beneficiaries of the partnership. ● As a class of securities, by an organized fund, a trust, or estate of which the principal beneficiary is an individual. ● By an entity (within the meaning of IRC §7621(a)(5)(C)) other than an organized fund or trust for the account of an individual. A trust, estate, or business may hold or issue preferred stock only on such terms and conditions determined by law. The terms and conditions are generally as described in the governing instrument of the trust, estate, or business, including the terms and conditions as to such dividends that the trust, estate, or business would accept from any person, firm, or corporation; the terms and conditions of purchases of such preferred stock from any person, firm, or corporation; the amount of such purchases from any person, firm, or corporation; and such other terms and conditions as the governing instrument, including such terms and conditions as to the payment of dividends and the payment of such cash dividends upon liquidation of the trust, estate, or business or upon dissolution of the entity, deem appropriate to protect the interests of the creditors holding outstanding preferred. The terms and conditions also may relate to the terms and conditions of transfers, purchases, or dispositions of such preferred stock. Any such terms and conditions established by such governing instrument require the approval of a majority of the directors of the trust, estate, or business, the holders of the outstanding preferred stock, and the individuals holding the controlling interests in the trust, estate, or business.
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