Colin, concerning valuation, and transferrence to a ROTH IRA...., remembering TVIN/ CD2 debacle. If one invested in an offering of a unit of CD2, which for 25,000.00 was comprised of:
20,000 shares of TVIN restricted common
30,000 shares of TVIN warrants excercisable at 1.00
6,000 shares of cd2
6,000 shares of cd2 warrants excercisable at 1.00
$10,000.00 promissory note
My question is: I wish to roll the conventional IRA which purchased the above for 25,000 into a ROTH IRA. As you may recall, TVI was misled by a corrupt President. All warrants were not excercised and expired worthless, the 6,000 shares of cd2 were worthless, the $10,000.00 promissory note was exchanged for 30,000 restricted shares redeemable this May. To determine the valuation for purposes of establishing a ROTH IRA do I obtain the current valuation from the custodian and use that for a basis for paying the taxes up front for a ROTH? The only items of value in the unit are the 20,000 shares of TVIN common stock,and the 30,000 shares restricted common, said restriction to be lifted in May.
Any thoughts appreciated.
Finally, if I also purchased a unit outside of an IRA, I presume a have some loss to claim, at the time of sale or have I missed same?
Thanks, Gordon |
