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Pastimes : Makin' money honey
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To: sandintoes who wrote (1493)12/19/2004 5:39:06 PM
From: stock leader  Read Replies (1) of 2260
 
Some funny stuff from the IRS===============

"The IRS has issued guidance indicating it will disallow a theft loss deduction for a decline in the market value of stock that could be attributable to company misconduct. In the guidance, the IRS cites a series of court rulings determining that theft losses were disallowed when associated with a decline in the value of stock attributable to corporate officers misrepresenting the financial condition of the corporation, even in cases when the officers were indicted for securities fraud or other criminal violations. The IRS indicated that its ruling applies to both a decline in the value of stock which is later sold or exchanged, and also to stock which becomes wholly worthless. The IRS guidance makes it clear that any loss resulting is a capital loss subject to the $3,000 capital loss limitation.
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