Simple English definitions for legal terms
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G reorganization is a type of financial restructuring that happens when a company transfers some or all of its assets to another company during a bankruptcy or similar proceeding. This type of reorganization is classified under the Internal Revenue Code as a specific letter, and it can help improve a company's tax treatment. There are also other types of reorganizations, such as A, B, C, D, E, and F reorganizations, which involve different types of exchanges or transfers of assets or shares between companies.
Definition: G reorganization is a type of corporate restructuring that involves transferring all or part of a corporation's assets to another corporation in a bankruptcy or similar proceeding. It is classified as a type of reorganization under the Internal Revenue Code and is designated as a "G" reorganization.
Examples:
These examples illustrate how a G reorganization involves transferring assets from one corporation to another in a bankruptcy or similar proceeding. This type of restructuring can help a company repay its debts and improve its financial situation.