ANNUAL REPORTS TO BENEFICIARIES; FEDERAL INCOME TAX INFORMATION. As soon as practicable after the close of each fiscal year (including the year in which the Liquidating Trust terminates as provided in Article IV or this Article V), but in any event within 90 days thereafter, the Liquidating Trustees shall prepare and mail to each Beneficiary a report for such fiscal year showing the assets and liabilities of the Liquidating Trust at the end of each such fiscal year and the receipts and disbursements of the Liquidating Trust for the period, including dates and amounts of distributions made by the Liquidating Trustees and information regarding interest income received by the Liquidating Trustees on any obligations owing to the Liquidating Trust or the Liquidating Trustees, and such other information for such fiscal year as is reasonably available to the Liquidating Trustees which may be necessary or useful in determining the amount of taxable income from the Liquidating Trust that such Beneficiary may be required to include in his federal income tax return for such year. Such report shall also describe the changes in the Liquidating Trust's assets during the period and the actions taken by the Liquidating Trustees during the period. The financial statements contained in such report shall be prepared in accordance with generally accepted accounting principles, but need not be audited by an independent public accountant. In addition, after receipt of a request in good faith, or in their discretion without such request, the Liquidating Trustees may furnish to any person who has been a Beneficiary at any time during the preceding fiscal year a statement containing such further information as is reasonably available to the Liquidating Trustees which may be helpful to such person for federal, state or local income tax purposes. The Liquidating Trustees shall file returns as a grantor trust pursuant to U.S. Treasury Regulation Section 1.671-4(a).
ANNUAL REPORTS TO BENEFICIARIES; FEDERAL INCOME TAX INFORMATION. As soon as practicable after receipt thereof from the Liquidating Trustee, the Trustee shall disseminate to U.S. Trust Beneficiaries, annual reports that have been prepared by the Liquidating Trustee in accordance with Section 5.9 of the Liquidating Trust Agreement. The Trustee may accompany any annual report with supplemental information or a supplemental report respecting the administration of the U.S. Distribution Trust for the same fiscal year covered by the annual report. In addition, after receipt of a request in good faith from a U.S. Trust Beneficiary, or in its discretion without such request, the Trustee may furnish to the U.S. Trust Beneficiary or any Person who has been a U.S. Trust Beneficiary at any time during the fiscal year preceding the then current fiscal year a statement containing such further information as is reasonably available to the Trustee which may be helpful to such Person for income tax purposes. The Trustee shall file returns as a grantor trust pursuant to Treasury Regulations Section 1.671-4(a) and such make such filings of returns and reports as may be required or prudential under applicable provisions of Canadian tax law.
