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If a small business corporation files for bankruptcy and the
If a small business corporation files for bankruptcy and the stock becomes worthless (1244 stock), is the deduction still ordinary even though bankruptcy was declared? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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IRS Tax Question: When exactly is a stock "worthless"? Can
IRS Tax Question: When exactly is a stock "worthless"? Can you please provide the IRS definition and give good examples?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Master's Degree
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In January of last year, Debbie, single, established a
In January of last year, Debbie, single, established a corporation and acquired Section 1244 stock. This year the stock, which had a basis of $120,000, became worthless. Debbie had no other property t… read more
Carter McBride
Carter McBride
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LLM
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Lane, I have a client who purchasesd a 1 1/2 percent
Hi Lane, I have a client who purchasesd a 1 1/2 percent interest in some real estate development LLC about five years. ago. He never got anything out of it and lost 50 K in the investment. His interes… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I bought shares of one company (KV Pharmaceutical) in May of
I bought shares of one company (KV Pharmaceutical) in May of 2011. By September of 2013 the company went bankrupt and it's stock was officially removed from the list of companies on the Share Builder.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
We started a business as an S-corp the business failed, we
We started a business as an S-corp the business failed, we lost our 45000 dollar investment. Can I claim 25000 dollar loss this year(2014) and carry over 20000 for next year(2015), on my personnel tax… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I invested $39k in a foreign company which is now out of business
I invested $39k in a foreign company which is now out of business and filling for bankruptcy. Can I file a loss on my tax returns.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
In 2008, I invested $5000 in a company and was issued restricted
In 2008, I invested $5000 in a company and was issued restricted stock. It's now almost worthless and my broker will charge me $300 to sell it. I'm wondering what my options are. Can I take this as a … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
Husband and wife are equal shareholders in a C corporation.
Husband and wife are equal shareholders in a C corporation. The company has losses from last 5 years. Shareholder has loans nearly 180k to the compnay and now since the company is dissolved so what to… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Does IRS section 1244 stock issued to individuals include corporation
Does IRS section 1244 stock issued to individuals include corporation ownership of said stock… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
i have a client with a c corp. that he is closing. balance
i have a client with a c corp. that he is closing. balance sheet 70000.00 in the bk., 141000.00 loan to officer. can i take the cash to sch d and the loan as a qualified div.… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
If i am the sole share holder of an LLC, and close the business;
If i am the sole share holder of an LLC, and close the business; can i take a 1244 ordinary loss for worthless stock. I did set it up as a corp with common shares owned solely by me. i want to take an… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I suffered a $20,000 loss due to a bankruptcy, when filing
I suffered a $20,000 loss due to a bankruptcy, when filing this I have conflicting information. Do I receive a cancelling effect on my capitol gains, then carry the net loss forward, or do I have just… read more
RD
RD
Self Employed
Master's Degree
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We invested in TLC Investments & Trade Co. in 1999. On Oct.
We invested in TLC Investments & Trade Co. in 1999. On Oct. 4,2000 the United States Securities and Exchange Commission f Statefiled a civil action in the United States District Court, Central Distric… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I am in an LLC with one other member. Our only activity was
I am in an LLC with one other member. Our only activity was to buy stock in a small business (corporation) years ago and later, to lend the same corporation money. For several years we received intere… read more
BK-CPA
BK-CPA
Bachelor's Degree
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We personally guaranteed investment property. The mortgage
We personally guaranteed investment property. The mortgage was in the corporations name. The bank foreclosed on the property and sued us personally for the deficiency (which was the exact amount of pa… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
My brothers and I were equal shareholders in a C corp that
My brothers and I were equal shareholders in a C corp that became insolvent. As shareholders and employees, we eahc signed guarantees for the debt. At insolvency, we had to pay the debts, including op… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I made a $200K investment/stock purchase in a California corporation
I made a $200K investment/stock purchase in a California corporation as a buy-in to obtatin a partnership/owner position over a period of three years. The company is ceasing operation; the majority ow… read more
Lev
Lev
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