An anomaly described in a recent IRS ruling says there is a big, but subtle, difference. Robert Willens, CFO.com | US. February 20, 2008. A fine line exists between definitions of a corporate liquidation and dissolution. But for tax purposes, the defining line can make a big difference. Witness the situation described in recent letter from the Internal Revenue Service (LTR 200806006, November 7, 2007), which addresses a seeming anomaly related to the tax code. The anomaly is corporate dissolution without liquidation.
a person with the ability or power to use, control, or dispose of something: a master of six languages; to be master of one's fate. 2. an owner of a slave, animal, etc. 3. an employer of workers or servants. 4. the male head of a household.
The man who superintends and directs any business, is master, or master workman. O thou my friend, my genius, come along, Thou master of the poet and the song. Nations that want protectors, will have masters. 2. A director, head, or chief manager; as the master of a feast. 3. The owner; proprietor; with the idea of governing. The master of a house may be the owner, or the occupant, who has a temporary right of governing it. It would be believed that he rather took the horse for his subject, than his master. 4. A lord; a ruler; one who has supreme dominion. Caesar, the world's great master and his own. 5. A chief; a principal; as the master root of a plant.