cientax Posted February 9, 2008 Report Share Posted February 9, 2008 I have a potential client coming in monday. She mentioned that she was a shareholder in an S-Corp and the S-Corp went belly up and issued her a letter mentioning that her stock is worthless. She did not mention what kind of stock it was, but she will be bringing the letter with her. She wants to know if she can take a loss on the worthless stock. I have never dealt with this before. Can some one please help. Thanks. Quote Link to comment Share on other sites More sharing options...
JRS Posted February 9, 2008 Report Share Posted February 9, 2008 Look up IRS PUB 550. In Chapter 4, it explains worthless secuties. The link is for "Frequently Asked Questions" and gives you an over view. http://www.irs.gov/faqs/faq-kw210.html Quote Link to comment Share on other sites More sharing options...
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