|By PR Newswire||
|April 14, 2014 03:07 PM EDT||
MINNEAPOLIS, April 14, 2014 /PRNewswire/ -- The ResCap Liquidating Trust (the "Trust") announced that it has made its final determination of the net value for tax purposes of the assets transferred to the Liquidating Trust on December 17, 2013, the effective date of the Chapter 11 Plan of Residential Capital, LLC, et al. The Trust has determined that the net value of the transferred assets is $28.02 per Unit for tax reporting purposes.
Unitholders should be aware that the net value of the transferred assets provided above is being furnished solely for the purposes of tax reporting. Net value for tax reporting purposes is not a projection or forecast of the cumulative amount of per Unit distributions that will be made to Unitholders over the life of the Trust, and cumulative distributions could be materially higher or lower than the net value of transferred assets being provided for tax purposes.
Also, the net asset value of the transferred assets being provided for tax purposes will differ from the net asset value that will be shown on the Trust's balance sheet as of the effective date of the Chapter 11 Plan, determined in accordance with GAAP, because the rules governing the calculation of net asset value as of the effective date for tax and GAAP purposes differ. Among other things, in determining the net asset value for tax purposes, no deduction is made for future accruals for expenses of managing the Trust, disposing of Trust assets and completing the wind-down, or potentially uncollectible advances and receivables. This also principally accounts for the difference between the net asset value of the transferred assets for tax purposes and the amount of net assets the Debtors presented in the Disclosure Statement in connection with Plan of $24.62.
The Trust is unable to provide tax advice to individual Unitholders, and each Unitholder is encouraged to consult with its own tax advisor in light of its own circumstances.
SOURCE ResCap Liquidating Trust
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