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Microcap & Penny Stocks : STREAMLOGIC CORP (STLC)- This stock is going to fly!
STLC 42.340.0%Aug 23 5:00 PM EST
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To: John Goodman who wrote (2580)2/6/1998 8:12:00 AM
From: Roads End  Read Replies (1) of 2840
 
John....Your guy is correct and is taking a conservative position. A more aggressive and allowable position is to use the date of the filing for bankruptcy as the date it is declared worthless. In any case the deduction must be taken in the year it became worthless. You would have to amend prior years returns if you fail to do so. In any case let's hope something like this never happens to any of us again. It was a tough lesson to learn and one that need not be repeated.
My Best
Steve
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