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#163660 - 02/24/04 09:14 PM CTR Exemption Puzzle
Anonymous
Unregistered

We have a corporation on our exempt list that has both changed ownership (within a family/new owner was previously a signer on the account) and has opened new accounts. Can the corporation stay on our exempt list?

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#163661 - 02/24/04 11:10 PM Re: CTR Exemption Puzzle
Anonymous
Unregistered

Quote:

We have a corporation on our exempt list that has both changed ownership (within a family/new owner was previously a signer on the account) and has opened new accounts. Can the corporation stay on our exempt list?



Is it new ownership and also new management, or did management stay the same?

I think that if management is the same and they had a transaction account for the continuous past 12 months, then they can stay exempt, but if there is a change in management, along with the change in ownership, you have a new entity and the clock starts over.

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#163662 - 02/25/04 04:17 PM Re: CTR Exemption Puzzle
deppfan Offline
Power Poster
Joined: Dec 2000
Posts: 5,184
All over the map.
I have to disagree, I would argue this one with any examiner that questioned keeping the exemption.
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#163663 - 03/30/06 11:03 PM Re: CTR Exemption Puzzle
Sunshine_101 Offline
100 Club
Sunshine_101
Joined: May 2005
Posts: 127
yes, just file an emended exemption form.
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#163664 - 03/31/06 01:18 AM Re: CTR Exemption Puzzle
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Is that you Lazarus?

The corporation is the customer. Even if corporation's ownership changes the exemption does not. Note the change in control when you do the biennial renewal.
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