Extract to table

Target Must Be a Domestic Corporation The target of a Section 338(h)(10) election must be a domestic corporation

All shareholders of the S corporation on the acquisition date must consent to the election

This is likely a disqualifying condition and must be confirmed by reviewing the MFW Certificate of Incorporation and the terms of the Series A Preferred Stock

Further investigation is required to determine whether any of these obstacles can be overcome

Further investigation into MFW's corporate history, capitalization, and tax status is required to confirm these preliminary conclusions

Both the Buyer and the sellers are required to report consistently with the agreed-upon allocation on their respective federal and state income tax returns, and the allocation must be reported on IRS Form 8594 (Asset Acquisition Statement Under Section 1060)