Linda Dorfmont <DORFMONT[at]aol.com> wrote:

- quote -

No; companies change symbols all the time without going
bankrupt, so the fact that one previous symbol is being
re-used doesn't imply anything.

Seth

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Linda Dorfmont <DORFMONT[at]aol.com> wrote:

- quote -

Not so.

It just mean the symbol is no longer being used on the
exchange for the former company.

Interesting example, but there are countless others:

The F W Woolworth Company went through hard times, and
tarnished its stock symbol: Z

As part of its new makeover, it became Venator (sp?) and
later changed to Foot Locker Inc (FL) but still survives.

One which might not survive is USAir formerly stock symbol
U, and when banished off the NYSE, changed its symbol to
UAIR and when kicked off the NASDAQ-NMS, sought refuge in
the bulletin board system as UAIRQ.OB and one day might
indeed become utterly worthless, but so far clings to life.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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- quote -

After I sent this, I realized that what I meant to say was
that there was no document that defined the term
"recognizable value." The Sec. 165 regs and court decisions
define worthless stock.

--
Alan
http://taxtopics.net

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I think the fact that another company is using the former
trading symbol of the "worthless" company might be an
indicator that it is truly worthless.

Linda Dorfmont E.A., CFP, CSA

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BKS wrote:

- quote -

If you sold it, it wasn't worthless. However, you MUST
report your loss this year.

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- quote -

A small nitpick. There is no formal IRS definition of a
worthless stock (no code, no reg, no rev. ruling that I'm
aware of). I would argue that the mere fact that a stock is
trading is not enough to say it fails the "definition." This
stock was selling at .0001 (one one-hundredth of a cent). I
would argue that if this person owned less than 100 shares,
the stock was worthless as it's value was less than the
smallest currency value of one cent.

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shamailbox-silver[at]yahoo.com (BKS) wrote:

- quote -

No, it's not worthless. Worthless means quite literally
worthless, not almost worthless. But if you sold it this
year, you can take the loss this year.

--
Chris Green

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BKS wrote:

- quote -

No.

- quote -

Yes-- assuming you paid less for it than you received.

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BKS wrote:

- quote -

Answers to your questions are "No" and "Yes" respectively.
If it's trading, it's not worthless.

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"BKS" <ashamailbox-silver[at]yahoo.com> wrote:

- quote -

If its being traded, it's not worthless. If you sold it,
how can you take a worthless stock deduction?

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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- quote -

NO!!! If the stock sold for a penny, it was not worthless.

Golly, I remember the time when I could buy a pound of
tomatoes for a penny (sometimes less)!!!= That was REAL
VALUE although it may have seemed expensive at the
time!!!=

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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bashamailbox-silver[at]yahoo.com (BKS) writes:

- quote -

No

- quote -

Yes

Phil Marti
Clarksburg, MD

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- quote -

The fact that it was trading, even at $0.0001 means it was
not worthless according to the IRS definition. However,
since you sold the stock this year, you can claim your loss
this year.

Ira Smilovitz

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I was holding stock of a bankrupt company which traded in
pink sheet for $0.0001/share. Recently i sold it. Company
went bankrupt about 6 years ago. Will it be called a
worthless stock in IRS definition even if it was being
traded in stock market? May I claim loss from my income this
year for this sale?

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