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Though a range of factors may trigger dissolution, dissolution is a process that may take considerable time to accomplish. Ultimately, the conclusion of this process results in the cessation of the corporate entity. Some modern statutes, such as the Texas Business Organizations Code, uses “termination” instead of “dissolution”, but the process is the same. This article will discuss that process in the liquidation and three types of dissolution.
Transferring a house to children through a gift allows the use of the announced current value to calculate the gift amount, and there is a tax exemption available to save on taxes. However, if children sell the house later, they will face a huge unified real estate tax because the profit is calculated based on the announced current value at the time of the gift