How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask MShore Law Your Own Question
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Type Your Business Law Question Here...
MShore Law is online now
A new question is answered every 9 seconds

I invested 390K by lendung it to Rome Finance and receiving

This answer was rated:

I invested 390K by lendung it to Rome Finance and receiving a company intetest bearing note. The company went bankrupt but committed property conversion and fiduciary crimes. Do I have to sue the company for fraud to tax an ordinary income loss or can I just claim one? So far the only court involved is the bankruptcy court.
Thank you for the post, do you mean do you have to sue the company for fraud to avail yourself to tax relief by claiming the $390k as an investment loss, to offset your ordinary income tax on capital gains?
Customer: replied 6 years ago.
Yes, do we need to sue to show the fraud as the Trustee has refused to do so in order to make the claim? Is the suit necessary for our tax claim and/or will it bolster our tax claim?
Thank you, XXXXX XXXXX bolster your tax claim but is not absolutely necessary.
MShore Law and 2 other Business Law Specialists are ready to help you

Related Business Law Questions