LLC3Logical Link Control, Type 3 Operation
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In our case, LLC3, Inc., would own all the assets, liabilities, deductions, and credits of corporation.
In our case, because the corporation is treated as being completely liquidated when the QSUB election is made, and any assets or liabilities then owned by the corporation will then be considered owned by LLC3, Inc., no gain or loss shall be recognized by LLC3, Inc., when the corporation liquidates.
("Owner of stock" means that person or entity possesses at least 80 percent of the total voting power of the stock of such corporation, and has a value equal to at least 80 percent of the total value of the stock of such corporation.)(6) LLC3,