Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Assuming that all securities listed become worthless during…

Assuming that all securities listed...
Assuming that all securities listed become worthless during the year, which ones produce the most benefit to an individual investing in the corporation during the year of worthlessness?A bond with a basis of $20,000
Debentures with a basis of $20,000
Section 1244 stock purchased from a relative for $20,000
Section 1244 stock with a basis of $20,000
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/24/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified

Section 1244 stock with a basis of $20,000

The loss will be ordinary, so it doesn't need to worry about capital loss restrictions. The other 1244 doesn't work because it was purchased from a relative. It needs to be purchased from the corporation in order to get the ordinary loss treatment.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
1,032 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
It is my understanding that the IRS will allow individuals
It is my understanding that the IRS will allow individuals who withdrew money from their 401K to spread the income amount over 3 years for those in disaster areas who were impacted. I just want to kno… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
I have a client that has a capital loss in 2012. About
I have a client that has a capital loss in 2012. About 42,000. She came to me in 2013, and I did the Schedule D for the carry over of the loss, inputting the entire amount, and only 3,000.00 was deduc… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
How can I claim previous year capital loss where should I
second opinion] how can I claim previous year capital loss where should I report the carry forward loss on Schedule D… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Where can I find capital loss in my previous years taxes?
Where can I find capital loss in my previous years taxes? and how can see how much of it was already carried over? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
An individual on a J-1 visa is a permanent resident of South
An individual on a J-1 visa is a permanent resident of South Korea and worked in the US and received a W-2. What tax return does the individual need to file? 1040 or 1040NR?… read more
abci168
abci168
Principal
27 satisfied customers
Individual Tax Id USA I need an USA Individual Tax Id. I am
Individual Tax Id USA I need an USA Individual Tax Id. I am a European citizen on a ESTA visa in the USA. Could I still get an USA tax id? Applying using form W7 form?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
897 satisfied customers
AN INDIVIDUALS HAS A REVOCABLE TRUST WITH TWO HOUSES IN THE
AN INDIVIDUALS HAS A REVOCABLE TRUST WITH TWO HOUSES IN THE TRUST. ONE IS PERSONAL RESIDENCE THE OTHER IS A VACATION HOME. THE INDIVIDUAL DIES AND THE TRUSTEE SELLS BOTH HOMES. IS THERE CAP GAIN OR LO… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
An individual performed services for our company and is not
An individual performed services for our company and is not employed by the company. The individual furnished material for the services as well as the labor, my question is the material included in th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Hal, a married individual, contributed $100,000 to his newly
Hal, a married individual, contributed $100,000 to his newly formed corporation in exchange for Section 1244 stock. During the year, he sold the stock to Bob for $80,000. If Bob sells the stock the ne… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
1,032 satisfied customers
Section 962 election A US individual owns a foreign
Section 962 election A US individual owns a foreign corporation which generates GILTI income. Can the US individual make a section 962 election (to be taxed at corporate rates) and therefore pay only … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Individual contributed to an employer sponsored 401k in the
Individual contributed to an employer sponsored 401k in the amount of $7000 for 2017.Also contributed $5,500 to Roth IRA for 2017.They also want to contribute to Solo 401k for 2017:- 20% of business p… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A blind individual with memory issues resides in an assisted
A blind individual with memory issues resides in an assisted living facility who requires constant medical attention and periodically has to hire an aide for his care. Is the cost of the aide tax dedu… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
My sister had a capital loss. She took $3000 in 2012 but did
My sister had a capital loss. She took $3000 in 2012 but did not file federal taxes again until last year and forgot about the capital loss which she is still entitled to. S … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
An individual is operating a landscaping company and files a
an individual is operating a landscaping company and files a schedule C. Last year a truck and trailer along with a bobcat were stolen from him. non of the 3 items were insured. Is there a deductible … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Lane, Here is the situation: a QTIP has capital loss
Lane, Here is the situation: a QTIP has capital loss carryfwds. the QTIP terminated in 2017 due to the death of the beneficiary. As I understand, the QTIP assets become assets of the beneficary's esta… read more
taxmanrog
taxmanrog
Master\u0027s Degree
897 satisfied customers
Are there any refundable tax credits for an individual with
Are there any refundable tax credits for an individual with children and only Social Security disability income?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have a capital loss carryover from GM bankruptcy that will
I have a capital loss carryover from GM bankruptcy that will not be retired yet by some capital gain from sale in 2017. Can I use the balance of carryover from a sale in 2017 even tho I may not need t… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I want to monetize a 111k capital loss that I have from the
I want to monetize a 111k capital loss that I have from the sale of my Fathers house which I inherited after he died … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,294 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x