Type A Tax Free Reorganizations (U.S. Corporate Tax)
Summary
TLDREl video discute las reorganizaciones fiscalmente gratuitas de tipo A, que pueden ser fusiones o consolidaciones, incluyendo la posibilidad de una fusión triangular directa e inversa. Se abordan las estructuras y reglas para cumplir con estos tipos de reorganización, destacando la necesidad de seguir las leyes estatales de fusión y consolidación. Se menciona la flexibilidad en la consideración ofrecida, donde al menos el 40% debe ser en acciones votantes de la empresa adquiriente. Algunas desventajas incluyen la adquisición de todas las responsabilidades del objetivo, incluyendo posibles responsabilidades contingentes desconocidas. Además, se exploran los problemas con los accionistas que no desean unirse a la operación y las posibles dificultades legales con la transferencia de ciertas propiedades. Se proporciona un ejemplo práctico de una reorganización de tipo A, donde una compañía llamada Amazing Animals adquiere a Turtles and Things, detallando el proceso y las implicaciones fiscales tanto para la empresa objetivo como para sus accionistas.
Takeaways
- 📚 **Estructura de la reorganización tipo A**: Puede ser una fusión o una consolidación, y técnicamente también se puede realizar una reorganización tipo A con una fusión triangular directa o inversa.
- 🔍 **Requisitos para calificar**: Se deben seguir las leyes estatales de fusión y consolidación, lo que puede requerir la aprobación de 2/3 de los accionistas.
- 🔄 **Flexibilidad en la consideración**: A pesar de las leyes restrictivas, hay mucha flexibilidad en cuanto a la consideración ofrecida, con un mínimo del 40% en acciones votantes.
- 🚫 **Adquisición de pasivos**: Al adquirir una empresa, se hereda con todos sus pasivos, incluyendo posibles responsabilidades contingentes no conocidas.
- 🧹 **Venta de activos no deseados**: Antes de la operación, el objetivo podría vender activos no deseados, pero esto no protege contra pasivos contingentes desconocidos.
- 💡 **Venta de acciones y efectivo**: En un ejemplo dado, Amazing Animals pagaría $2 millones, de los cuales $800,000 serían en acciones y $1.2 millones en efectivo.
- 🤝 **Continuidad del interés**: Los accionistas del objetivo obtienen una continuidad de interés en la nueva entidad, lo que se discute con más detalle en el script.
- 📉 **Desventajas de los accionistas**: Los accionistas que no quieran participar en la transacción pueden exigir que sus acciones sean valoradas y adquiridas por el adquirente.
- 🏢 **Problemas con propiedades no transferibles**: Las fusiones pueden requerir la transferencia de propiedades, como un contrato de arrendamiento, que podrían ser no transferibles y causar problemas legales.
- 💹 **Ganancia real vs. reconocida**: En una reorganización tipo A, aunque hay una ganancia real, la ganancia reconocida es cero, lo que significa que no hay responsabilidad fiscal inmediata para el objetivo.
- 📊 **Cálculo de la ganancia**: La ganancia reconocida para el accionista objetivo depende de la ganancia realizada y el valor de las propiedades no votantes (boot) recibidas.
Q & A
¿Qué es una reorganización fiscal tipo A?
-Una reorganización fiscal tipo A es una transacción en la que una empresa adquiere o se fusiona con otra, y que cumple con ciertos requisitos para ser exenta de impuestos en términos fiscales.
¿Cuáles son las dos estructuras principales de una reorganización tipo A?
-Las dos estructuras principales de una reorganización tipo A son la fusión y la consolidación.
¿Qué ocurre con la entidad adquirida en una fusión?
-En una fusión, la entidad adquirida se convierte en parte de la empresa adquiriente, perdiendo su identidad separada y todas sus propiedades y obligaciones se integran a la adquiriente.
¿Cómo se forma una consolidación en una reorganización tipo A?
-En una consolidación, se crea una nueva compañía (llamado Company 3 en el ejemplo) en la que tanto la empresa adquiriente como la entidad adquirida se convierten en partes de esta nueva entidad.
¿Qué porcentaje de acciones con derecho al voto se requiere como mínimo en una reorganización tipo A?
-Se requiere que al menos el 40% del valor de la consideración ofrecida en una reorganización tipo A esté compuesto por acciones con derecho al voto de la empresa adquiriente.
¿Qué ventaja ofrece la flexibilidad en la consideración en una reorganización tipo A?
-La flexibilidad en la consideración permite a la empresa adquiriente pagar por la entidad adquirida utilizando una combinación de acciones, efectivo y otros activos, siempre y cuando se cumpla con el porcentaje mínimo de acciones con derecho al voto.
¿Qué desventaja puede representar para la empresa adquiriente asumir todas las obligaciones de la entidad adquirida en una reorganización tipo A?
-La empresa adquiriente puede quedarse con obligaciones contingentes desconocidas de la entidad adquirida, como daños ambientales, lo que podría afectar la viabilidad financiera de la nueva entidad.
¿Cómo se calcula la ganancia realizada en una reorganización tipo A?
-La ganancia realizada se calcula restando el basis ajustado de las propiedades de la entidad adquirida del monto recibido, que puede incluir acciones, efectivo y alivio de deudas.
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¿Por qué la ganancia reconocida en una reorganización tipo A es cero?
-La ganancia reconocida es cero porque la reorganización tipo A cumple con los requisitos para ser una transacción exenta de impuestos, lo que significa que no hay义务纳税 sobre la ganancia realizada.
¿Cómo afecta la 'boot' en la ganancia reconocida por el accionista de la entidad adquirida?
-La 'boot', que es cualquier consideración que no sea acciones con derecho al voto, se considera para el cálculo de la ganancia reconocida. Si la ganancia realizada es menor que el valor de la 'boot', la ganancia reconocida será igual a la ganancia realizada. Si es mayor, la ganancia reconocida será igual al valor de la 'boot'.
¿Qué es la 'continuidad de interés' que menciona el script y cómo se relaciona con la reorganización tipo A?
-La 'continuidad de interés' se refiere a que los accionistas de la entidad adquirida mantienen una participación en la nueva entidad formada tras la reorganización, lo que generalmente requiere que al menos un 40% de la consideración sea en acciones con derecho al voto.
Outlines
📚 Introducción a las reorganizaciones fiscalmente gratuitas tipo A
El primer párrafo introduce el tema de las reorganizaciones fiscalmente gratuitas de tipo A, que pueden ser fusiones o consolidaciones. Se menciona que se seguirán las leyes estatales de fusión y consolidación, lo que puede implicar la necesidad de obtener el 2/3 de la aprobación de los accionistas para llevar a cabo la transacción. Además, se destaca la flexibilidad en la consideración ofrecida, donde al menos el 40% debe ser en acciones con derecho al voto de la compañía adquirente, proporcionando así a los accionistas de la compañía objetivo una continuidad de interés en la nueva entidad. También se discuten las desventajas, como la herencia de las responsabilidades de la compañía objetivo y las posibles demandas de los accionistas en desacuerdo con la transacción.
💼 Ejemplo de una reorganización fiscalmente gratuita tipo A
Este párrafo presenta un ejemplo práctico de una reorganización fiscalmente gratuita tipo A. Se describe una situación hipotética en la que 'Amazing Animals' adquiere 'Turtles and Things' por un valor de $2 millones, de los cuales $800,000 son en acciones de 'Amazing Animals' y $1.2 millones en efectivo. Se calcula el beneficio fiscal de la transacción, destacando que, a pesar de que la compañía objetivo tiene un beneficio reconocido de $1.8 millones, este no se grava debido a la naturaleza fiscalmente gratuita de la reorganización. Además, se aborda la situación del accionista de 'Turtles and Things', quien recibirá una cantidad total de $2 millones y tendrá un beneficio reconocido de $1.2 millones, ya que se considera 'boot' (es decir, una parte de la compensación no en acciones).
Mindmap
Keywords
💡Reorganización fiscal tipo A
💡Fusión
💡Consolidación
💡Leyes estatales de fusión y consolidación
💡Consideración
💡Continuidad de interés
💡Obligaciones
💡Venta de activos no deseados
💡Acciones minoritarias
💡Ganancia realizada
💡Ganancia reconocida
Highlights
Type A tax-free reorganizations can be either a merger or a consolidation.
A forward triangular merger is a type of Type A reorganization but will be discussed in another video.
In a merger, the target company merges into the purchasing corporation, and the target ceases to exist.
Consolidation involves creating a new company (Company 3) where both the purchaser and target become part of this new entity.
Type A reorganizations must follow state merger and consolidation laws, which can be restrictive.
Shareholder approval of 2/3 is often required to proceed with the deal in many states.
Type A reorganizations offer flexibility in terms of the consideration given, especially regarding voting stock.
At least 40% of the consideration must be voting stock of the purchasing corporation.
The target shareholders gain continuity of interest in the new entity.
Acquiring the target comes with assuming all of their liabilities, including any unknown contingent liabilities.
Before the deal, the target can sell off unwanted assets, but this does not protect from unknown liabilities.
Dissenting shareholders can demand their shares be appraised and purchased by the purchaser.
There may be legal issues with transferring certain properties like leases or patents in a merger.
An example of a Type A reorganization involves Amazing Animals acquiring Turtles and Things for $2 million.
The transaction includes $800,000 in voting stock and $1.2 million in cash, meeting the 40% voting stock requirement.
The fair market value of Turtles and Things is $2 million, with assets worth $3 million and liabilities of $1 million.
The target shareholder has a basis of $500,000 in their stock, which affects the transaction's tax implications.
The target realizes a gain of $1.8 million, but due to the tax-free reorganization, the recognized gain is zero.
The target shareholder has a realized gain of $1.5 million, with $1.2 million recognized due to the boot (cash) received.
If the realized gain was less than the boot, the recognized gain would be limited to the amount of the realized gain.
Transcripts
in this video we're going to talk about
type A taxfree reorganizations so first
we're going to talk about the structure
of type A reorganizations and then I'm
going to talk about the rules that are
required to qualify for a type A
reorganization and then we're going to
close with an example so first off type
A could be either a merger or a
consolidation and technically you could
also have a type A reorganization with
what's called a forward triangular
merger uh in a reverse triangular we're
not going to talk about that in this
video we're just going to focus on the
merg and consolidations and we'll talk
about the Triangular types in another
video so with a merger what you have is
you have the purchasing Corporation when
they are acquiring the target the target
is merging into and becoming part of the
purchaser so there's not going to be any
more Target all all the assets and
liabilities are going to be consumed and
become part of the purchaser and so you
will have one entity now with
consolidation with consolidation what
you have is you've got again purchaser
and a Target obviously but now they're
going to create this other company so
we'll call this uh company company 3
company 3 and so they are going to be
Consolidated both of these are going to
become part now of this new company
company 3 so you got mergers you've got
consolidations so the rules uh with a
the can be a little restrictive and one
of the reasons is that with a type A
reorganization you have to follow the
state's merger and consolidation laws
and what does that mean so well one of
the things that might mean is so a lot
of states have where you actually have
to get 2third approval from the
shareholders in order to be able to go
through with the deal so if you can't
get 2/3 then the deal could be blocked
and you're not even able to have the the
reorganization and now also now what
this is kind of an advantage of of the
type A though is that you get very a lot
of flexibility so it's very flexible in
terms of the consideration given so even
though you have to follow these these
merger and consolidation laws when
you're determining well what am I going
to pay for this target if you're the
purchasing company is very flexible in
that voting stock only has to be at
least 40% of the consideration being
given so if you're giving let's say a
million for the Target uh then at least
4 or at least 400,000 of that 40% of
that consideration has to be voting
stock of the purchasing Corporation
right so the purchasing Corporation
would give uh this consideration 40% of
which is their own voting stock that's
being given to the Target so that the
target shareholders will have this thing
called continuity of interest in the new
entity which we'll we'll talk about more
later so another thing though and this
is a disadvantage of the type A
reorganization is is when you're
acquiring the target you're going to get
stuck with all of their liabilities so
if they have some contingent liabilities
or something that you're not aware of uh
maybe some kind of environmental damage
that they did and you're you're not even
aware of that when you get this new an
entity uh you're going to be stuck with
all of their liabilities however one
advantage is that before the deal goes
forward uh before you do the deal you
could have the Target sell off any
unwanted Assets Now again that's not
going to protect you from these
contention liabilities that you might
not know about but if there are certain
assets that are part of the target
there's a division that you don't really
want you the target could sell off those
assets and then you go ahead and you do
the type A Deal uh now another dis
advantage of type A is that the
dissenting shareholders so any holdouts
who who don't want to go through with
the deal they can demand that their
shares be appraised and that they be
purchased but by the purchaser and so
you could have issues with some some
hold out shareholders um and also
another disadvantage is that is so if
you're doing the merger uh that it could
require basically certain properties
like a lease or something maybe a lease
agreement and they're supposed to be
transferred as part of the merger but
there they might be nontransferable so
there might be some some legal issues in
terms of certain Properties or or
patents or or something like that so I
just I just want to walk you through
kind of a short uh simple example to
give you an idea about how a type A
reorganization would go so let's say
that you have let's say you run uh the
purchasing company so this is going to
be a company doing the acquiring it's
called amazing animals right so you are
the CEO of amazing animals and you want
to do a type A reorganization you want
to acquire Turtles and things right and
so let's just leave aside now whether
it's a merger consolidation and so forth
we already talked about the form let's
just get into the specifics of the fact
that you are paying the in terms of
consideration you're going to pay
roughly $2 million 800,000 of which is
voting stock of amazing amazing animals
and then 1.2 million of cash right and
so we see that the voting stock is at
least 40% of the total consideration
total consideration is 2 million voting
stock is 800,000 so we've met that
requirement now first of all if you're
just wondering well why are we even
paying 2 million so if we look at
Turtles and things they have uh the
assets they have fair market value their
assets is 3 million and then they have
liabilities of $1 million so that really
it's to say that the fair market value
of this firm is $2 million okay so now
now they also have let's just say to
make it simple the turtles and things
has one shareholder they have one
shareholder and that shareholder's basis
in in his or her stock is
$500,000 and that's going to become
relevant when we're trying to figure out
the implications of this transaction to
the shareholder of turtles and things
right so what is going to happen is
you're going to give the voting stock
and the cash to Turtles and things and
then Turtles and things is going to give
uh this they're going to distribute it
to their their loan shareholder and then
all the assets and everything are going
to be merged or Consolidated with
amazing animals right so basically this
Turtles and things is going to cease to
exist but amazing animals is going to
get all their assets right so the Target
and now I want to talk about the T I'm
talk about turtles and things the
corporation being acquired they're going
to have a realized gain not a recognized
gain remember the distinction right so a
realized gain we think of well what is
their amount realized minus their
adjusted basis so they are basically
giving up 800,000 or they're receiving
800,000 of voting stock 1.2 million of
cash and then 1 million of debt relief
because they've got a million dollars of
liability so that's their amount
realized minus the adjusted basis of
their assets of 1.2 million so we
subtract that and we see that the
realized gain for the Target is $1.8
million however because this qualifies
as a type A tax-free reorganization the
recognized gain is going to be zero so
the recognized gain is zero that's
that's very important that's the whole
idea of the taxfree reorganization is
that they are not even even though
they've got a realized gain the
recognized gain is zero so there's not
going to be any tax liability to the
Target right so that's nice now let's
think about the target shareholder right
so this shareholder so again the the
voting stock and cash are being giving
to Turtles and things but then Turtles
and things is turn around giving that to
their shareholder right and then Turtles
and things is basically going to cease
to exist so the target shareholder is
going to have a realized gain and the
recognized gain is going to be different
but let's do the realized gain first so
the realized gain is going to be we're
going to look at the amount realized
800,000 plus 1.2 million because that
was given to Turtles and Things by
amazing animals and the turtles and
things turns around and gives it to
their shareholder right so there's $2
million the shareholders are receiving
minus 500,000 which is the shareholders
basis in his or her stock okay so that
means the target shareholder has a
realized gain of $1.5 million now how
much of that is going to be recognized
well we've got this thing here where we
have boot we have boot being given so if
the target shareholder was just getting
voting stock and that was it then we
wouldn't have to worry about a gain it
would just completely be taxfree on the
shareholders part but there's some boot
there's some non voting stock in here
and it's $1.2 million so what we're
going to do is we're going to look at
the lesser the lesser of the two so
basically this this boot This 1.2
million will be taxable to the extent
there's a realized gain so there's 1.5
million of realized gain so the entire
$1.2 million of boot is going to be
recognized gain to a Target shareholder
now let's just pretend hypothetically
let's just say that the realized gain
had actually been $1.1
million well because the boot this boot
is only taxable to the extent of
realized gain then it would not be 1.2
million of boot gain it would end up
being 1.1 milli million of recognized
boot gain uh to the Target shareholder
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