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Must my Annual Financial Statement (AFS) report include the financial dealings of the previous ownership that occurred during the reporting period?
If the licensee and license were acquired, meaning the licensee itself was purchased and no new license was issued, the AFS report must cover the entire reporting period of that license. The licensee must submit an AFS report for the entire reporting period.
Example: ABC, LLC was initially issued a license on December 1, 2020, and on January 31, 2023, XYZ, LLC acquired ABC, LLC, and the respective license. The licensee remains as ABC, LLC. If the purchase was made during the required reporting period, ABC, LLC is required to submit the AFS report. The AFS report should cover the entire reporting period, which includes the time-period for which the license was held under the previous ownership. The Schedule of Distributions – Ownership would also identify both ownerships held during the reporting period.