A corporation is "reducing the nominal value of the registered shares by $0.48 per share; and use the nominal value reduction amount for repayment to the shareholders".
Would this distribution be non-taxable (i.e. reduction of basis)? Or taxable? If taxable, would it be a dividend or capital gains distributions?
TIA
It sounds like a return of capital to me, but I could be wrong. Did you ask management whether it is a return of capital, dividend, or capital gain?
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