Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / section-355b-atb-analysis-kestrel.docx
section-355b-atb-analysis-kestrel.docx
Parties
Harkness LLP
Industrial Partners Fund II LP
Pemberton Rathbone LLP
Rennick Industrial Partners LLC
Greystone Partners Fund III LP
Prescott Capital Management LP
Harrowgate Veldran Holdings LLC
The SA
Dates
June 1, 2022
June 7, 2019
February 12, 2003
June 14, 2022
June 21, 2022
June 28, 2022
April 25, 2022
May 16, 2022
May 6, 2022
March 14, 2019
Amounts
$295,000,000
$287
$820
$1,520,000,000
$285,000,000
$820,000,000
$133,000,000
$533
$2,340,000,000
$418,000,000
Obligations
Among the several requirements that must be satisfied for a distribution to qualify under Section 355(a) is the active trade or business requirement of Section 355(b)
" This is the operative provision for the proposed Distribution, as Veldran will retain the Engineered Coatings Division and Meridian will hold the Precision Flow Solutions Division, and each corporation must independently be engaged in an active trade or business immediately after the Distribution
The provision imposes four separate requirements, each of which must be independently satisfied
The trade or business must have been "actively conducted throughout the 5-year period ending on the date of the distribution
It is not sufficient that the corporation be engaged in an active trade or business at the time of the distribution; the trade or business must have been actively conducted for the entire five-year period preceding the distribution date
The trade or business must not have been "acquired within the period described in subparagraph (B) in a transaction in which gain or loss was recognized in whole or in part