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Microcap & Penny Stocks : FIX-CORP INTERNATIONAL INC.
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To: Uvula who wrote (713)11/17/2000 2:51:55 PM
From: SnakeInATuxedo   of 714
 
You get a written statement from your broker that there is no longer any liquid market, and a declaration of worthlessness on that basis, i.e. a fair market value of ZERO. Or, you sell at the market even though your commission will be more than the principal amount of the trade itself; have some spare change in your account to cover that difference. Some brokers will charge a commission of exactly the principal amount on toilet paper trades; perhaps yours is such a broker. Either way, you now have a "cost basis" for both purchase and sale and, thus, your writeoff.
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