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      "text": "IRS (Priv. Ltr. Rul. 201014002 (Apr. 9, 2010) (ruling that sale of more than 20% of U.S. subsidiary stock to foreign affiliate before liquidation qualified under Granite Trust and Zimmerman); IRS Priv. Ltr. Rul. 201330004 (Jul. 26, 2013) (same); cf. IRS Tech. Adv. Mem. 9206005 (Oct. 24, 1991) (respecting transfer of 25% of stock to foreign affiliate under Granite Trust)",
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      "text": "Granite Trust Co. v. United States, 238 F.2d 670 (1st Cir. 1956); Commissioner v. Day & Zimmermann, Inc., 151 F.2d 517 (3d Cir. 1945)",
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      "text": "The Company did a taxable liquidation of a subsidiary owned 69% by one of its subsidiaries and 31% by another",
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      "text": "For more than 70 years, the law has been settled, and accepted by IRS, that taxpayers can elect taxable liquidation treatment of a subsidiary by effecting a bona fide transfer of more than 20% of its shares before liquidation.",
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      "text": "IRS, LBI Directive No. ISI/9422.10_01 at 9 (Aug. 29, 2014) (citing Granite Trust, and stating that “taxpayers may generally elect out of [nontaxable treatment] by disposing of more than 20% of [US subsidiary] shares before liquidation”)",
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      "text": "B. Bittker & J. Eustice, Federal Income Taxation of Corporations and Shareholders. ¶ 10.11[2][a] (7th Ed. 2020) (observing that Zimmerman “now seems sanctified by the passage of time and reinforced by other decisions,” including Granite Trust)",
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      "text": "We strongly believe that the Company’s Granite Trust transaction is squarely within the Internal Revenue Code and well-established precedents",
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