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Taxation of liquidating trusts

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When you die, the trustee of your trust must look to the trust document for guidance on distributing trust assets.Depending on the kind of trust you've set up, your assets may or may not have to go through probate.

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She will also need the title deeds to all titled property owned by the trust – real estate deeds and bank account documents, for example. Normally, these are listed in the trust document or an appendix.

The assets of a living trust normally do not have to go through probate, but the assets of a trust created by your will always do.

If the trust document specifies that its assets are to be distributed upon your death, your trustee must methodically liquidate trust assets – she must terminate the trust by paying off all of its creditors and distributing any remaining assets to its beneficiaries.

All of the outstanding Common Shares were automatically deemed cancelled, and the rights of beneficiaries in their Units will not be represented by any form of certificate or other instrument.

Shareholders of the Company are not required to take any action to receive their Units.

Under the terms of the Liquidating Trust Agreement, each holder of Common Shares on August 5, 2016 (each, a "beneficiary") automatically became the holder of one unit of beneficial interest ("Unit") in the Liquidating Trust for each Common Share then held of record by such shareholder.

Based on the average of the high and low trading prices of the Common Shares on August 1, 2016, the deemed distribution for tax purposes to holders of Common Shares at the close of business on August 5, 2016 is .21 per Common Share.

Subject to certain exceptions related to transfer by will, intestate succession or operation of law, the Units will not be transferable, nor will a beneficiary have authority or power to sell or in any other manner dispose of any Units.

A copy of the Liquidating Trust Agreement was previously filed with the Commission as an Exhibit to the Company’s Current Report on Form 8-K filed July 28, 2016, a copy of which is available on the Commission’s website, gov as well as the Company’s website the investor relations tab.

Will Rogers has been quoted as saying “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” Earlier this year, Congress passed the American Taxpayer Relief Act of 2012, which may have prevented us from falling off the fiscal cliff, but further complicated the already complex world of income taxation of estates and trusts.

Whether you are a fiduciary or beneficiary of an estate or trust, or one of their advisors, you should take note of some of the more important changes under the new income tax laws, as well as strategies that can be employed to minimize the tax.