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Section 1244 corporation: minutes of board of dire
SECTION 1244 CORPORATION
MINUTES OF BOARD OF DIRECTORS MEETING
OF
______________________________
A meeting of the Board of Directors of the Corporation
was held on __________________, 19__ at ______ M. at
_________________________________________________________. The
following was presented to the meeting:
The Board of Directors have determined that the
Corporation shall be organized and managed so that it is a "Small
Business Corporation" as defined in IRC Sec. 1244 ©(1), as
amended, and so that the shares issued by the Corporation are
"Section 1244 Stock" as defined in IRC Sec. 1244 ©(1), as
amended. Compliance with this section will enable shareholders
to treat the loss on the sale or exchange of their shares as an
"ordinary loss" on their personal income tax returns.
RESOLVED, that the proper officers of the Corporation are
authorized to sell and issue common shares in an
aggregate amount of money and other property (as a
contribution to capital and as paid in surplus), which
together with the aggregate amount of common shares
outstanding at the time of issuance, does not exceed
$l,000,000, and
RESOLVED, that the sale and issuance of shares shall be
conducted in compliance with IRC Sec. 1244, so that the
Corporation and its shareholders may obtain the benefits
of IRC Sec. 1244, and further
RESOLVED, that the proper officers of the Corporation are
directed to maintain such accounting records as are
necessary so that any shareholder that experiences a loss
on the transfer of common shares of the Corporation may
determine whether they qualify for "ordinary loss"
deduction treatment on their personal income tax returns.
There being no further business to come before the
meeting, upon motion duly made, seconded and unanimously voted,
the meeting was adjourned.
______________________________
Secretary
____________________________ ______________________________
Chairman Director
___________________________ ______________________________
Director Director
Form 515
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