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Section 355 CommitteeApplication for Membership Form Date: 1. Name of Section 355 Committee:2. Your Name:3. Are you representing a Group or Organization:Lenoir Yes please advise name of Group/Organization:4?
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Fill out the basic information, such as the name and contact details of the organization.
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Provide a brief description of the purpose and objectives of the committee.
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Indicate the number of members in the committee and their roles.
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Who needs section 355 committee?

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Organizations or entities that require a formal committee structure to manage specific functions or tasks.
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This may include corporations, government agencies, non-profit organizations, or any group that needs a dedicated committee to oversee and make decisions on certain matters.
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The section 355 committee helps ensure transparency, accountability, and efficient decision-making within such organizations or entities.
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Section 355 committee refers to a committee established in accordance with Section 355 of the Internal Revenue Code, which pertains to tax-free spin-offs.
Companies engaging in spin-off transactions that qualify for tax-free treatment are required to file a section 355 committee.
The section 355 committee requires detailed information about the spin-off transaction, including the parties involved, assets transferred, and other relevant details.
The purpose of the section 355 committee is to provide the IRS with necessary information to confirm that the spin-off transaction qualifies for tax-free treatment.
Information such as details of the spin-off transaction, financial data of the parties involved, and any potential tax implications must be reported on the section 355 committee.
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