Dissolved: A corporation is considered dissolved when it has completed the winding up of its business and has distributed its assets to its shareholders or creditors. Dissolved corporations are no longer conducting business and are not required to file annual returns or pay taxes. 2. Surrendered: A corporation may surrender its franchise tax account to the California Franchise Tax Board when it is no longer in business or has moved its principal place of business out of California. 3. Merged/Reorganized: When two corporations merge or reorganize, they combine their assets, liabilities, and ownership. The surviving corporation files Form 100 to report the transaction and pay any applicable taxes. 4. IRC Section 338 sale: An IRC Section 338 sale is a taxable reorganization under the Internal Revenue Code where a corporation sells substantially all of its assets to another corporation in exchange for stock. The selling corporation remains in existence and files Form 100 to report the transaction and pay any applicable taxes.