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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I have 5000 shares of VNRSQ now worth $.04- an MLP. It has

Customer Question

I have 5000 shares of VNRSQ now worth $.04- an MLP. It has gone bankrupt Chapter 11- I an trying to determine if I sell the shares now or if I accept warrants for new shares, which will have the most impact on Cancellation of Debt Income Tax?? Hope you can help. Many thanks.
JA: The expert will know how to help. Is there anything else the expert should be aware of?
Customer: No
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Where is the cancellation of debt coming from?