Tuesday, May 26, 2020

Tax Forms update

 

May 20, 2020

IMPORTANT UPDATE REGARDING YOUR 2019 INCOME TAX RETURNS

Dear Holder of a Liquidation Trust Interest:
On February 3, 2020, Woodbridge Liquidation Trust (the “Trust”) posted a bulletin on its
website outlining the federal and state income tax treatment of beneficiaries of the Trust. If you have general questions about the taxation of liquidating trusts, I would encourage you and your tax accountants to refer to this February 3, 2020 bulletin . You can find the bulletin by going to https://woodbridgeliquidationtrust.com and clicking on “Reports and Letters by the Liquidation Trustee.”

The Trust’s accountants are currently engaged in preparing the required 2019 tax returns for all pre-effective date and post-effective date entities under control of the Trust. It is anticipated that the 2019 income tax returns and accompanying Grantor Letters for the Trust will be completed by early September 2020. At that time, Grantor Letters will be provided to beneficiaries of the Trust.

Earlier in the year, the Internal Revenue Service and many state taxing authorities granted to taxpayers an extension of time to file 2019 income tax returns until July 15, 2020. It is not anticipated that the 2019 income tax return for the Trust will be completed prior to the extended July 15, 2020 tax return filing deadline. Therefore, it would be advisable for each Trust beneficiary to request an additional extension of the filing due date from appropriate federal and state taxing authorities.

PLEASE CONSULT YOUR TAX ADVISOR.



source https://gregandersonlessonslearned.me/2020/05/26/tax-forms-update/

Plain - Finance by Greg Anderson


as seen on Fort Collins Financial Planning

Numbers - Finance by Greg Anderson


as seen on Fort Collins Financial Planning

Tuesday, May 19, 2020

Mr. Goldberg said …

 

In a statement, Mr. Goldberg said, “DRS services should enable trades in the Class A Interests to be settled more quickly and efficiently. While we
are pleased to be able to facilitate the settlement of trades in this way

*************************************************************************************

I know it’s not really an ‘update’ but on Friday the above was part of an SEC filing for the bankruptcy trust.    Just reiterates the goal of making your shares in the Trust negotiable or transferable.     I have yet to find a broker/dealer (think Merrill Lynch, UBS, Edward Jones) that will host or what’s called “make a market” in this security.

If you know more comment; but that’s is what is really needed to complete this plan of being able to buy & sell these Trust interests.

Back when I know more.

 



source https://gregandersonlessonslearned.me/2020/05/19/mr-goldberg-said/

Tuesday, May 12, 2020

WBQNL

SHERMAN OAKS, California— May 7, 2020—Woodbridge Liquidation Trust (the “Trust”) announced today that its Class A Liquidation Trust Interests (the “Class A Interests”) have been approved by the Depository Trust Company as eligible for Direct Registration System (“DRS”) services. The Class A Interests are quoted on OTC Link® ATS under the trading symbol WBQNL.
With the availability of DRS services, registered holders of Class A Interests should be able to hold their Class A Interests, as they appear on the books and records of the Trust’s transfer agent Continental Stock Transfer and Trust Co. (“Continental”), in book-entry form, enabling these securities to be electronically transferred from Continental to a holder’s securities broker so that market trades can be executed by the broker at the instructions of the holder.



source https://gregandersonlessonslearned.me/2020/05/12/wbqnl/

Tuesday, April 21, 2020

IRS form Mystery continues

If any of you have a clue on what the mystery IRS form the bankruptcy trustee mentioned back on February 2nd, that we needed to file with our 2019 tax returns … chime in.

I’ve yet to find any details.

Comment back if you know more for the group.

 



source https://gregandersonlessonslearned.me/2020/04/21/irs-form-mystery-continues/

Trust Distributions posting quickly for IRA’s

I’ll chalk it up to a slow business volume for the folks working in the self directed IRA custodian shops …. but in the past when the bankruptcy trust made a distribution, the time lag for folks to get their money posted into their account could take 2 weeks or more.

This last distribution seems to be posting quickly to folk’s IRA account’s.  Nice to have this phase work efficiently for once!

Second, on the bankruptcy website it appears the LA property known as Stradella is under contract for several million.   It would be nice to think these low interest rates could stimulate sales of some of the larger properties still left to move.

 



source https://gregandersonlessonslearned.me/2020/04/21/trust-distributions-posting-quickly-for-iras/