Before the deregistration formalities are handled, an enterprise shall make a declaration to the tax organ and pay the enterprise income taxes on the basis of the income of the liquidation.

企业应当在办理注销登记前，就其清算所得向税务机关申报并依法缴纳企业所得税。

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In a partnership liquidation you apply the partners basis to the property distributed.

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Meantime, Hostess is waiting for final approval for its liquidation, which was approved on an interim basis by bankruptcy judge Robert Drain last week.

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The flow-through gain would have pumped up the basis in the partnership interest resulting in a capital loss on liquidation.

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