Only a person who has the economic right to dividends and proceeds from the sale of a loss corporation’s stock (an “Economic Owner”) is considered to “own” the corporation’s stock for section 382 purposes – See PLR 201403007 (1/17/2014).
Stated another way:
Stock ownership that is relevant for purposes of determining shifts in ownership
under section 382 (sometimes referred to herein as Economic Ownership) is that which
gives the holder rights to dividends and/or to proceeds from sale of the stock (or to
distributions in liquidation).
See PLR 200747016 (11/23/2007).