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City Council Agenda Item #12 Meeting of Aug. 5, 2019 Brief Description:Ordinance authorizing the sale of city property adjacent to 11700 Wayzata BoulevardRecommended Action:Introduce the ordinance

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What is final c i t?

Final C I T refers to the Final Corporate Income Tax return that a corporation must file when it is concluding its business operations or ceasing to exist.

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Corporations that are terminating their operations, dissolving, or merging with another entity are required to file a Final Corporate Income Tax return.

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To fill out the Final C I T, corporations need to complete the standard Corporate Income Tax form, ensuring all income, deductions, credits, and tax liabilities are accurately reported, along with marking the return as final.

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The purpose of the Final C I T is to report the corporation's final income and calculations for tax liabilities, ensuring compliance with tax obligations before ceasing operations.

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The Final C I T must report the corporation's income, deductions, credits, assets, liabilities, and any tax due, alongside information about the cessation of business operations.

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