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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Kaliico who wrote (2131)4/10/1999 8:35:00 PM
From: Colin Cody  Read Replies (3) of 5810
 
MJY, the answer is easy. "NO" there is nothing to do on your 1998 form 1040. (unless you had a bona fide fully consummated contract that sold the shares before 12/31/98 and were just awaiting delivery). You received something of value in 1999, obviously then the MRV shares were not worthless on 12/31/98.

You can get a 1999 deduction if you sell the warrants to an unrelated third party. OR if you let them expire worthless, then that year you get a write-off. OR if they should just go worthless before then, then that year you get a write off.

worthless does not mean $20. worthless does not mean $0.01

worthless does not mean $0.0001

worthless does not mean "there's no bid" or "there's no Market"

worthless DOES mean $0.00, corporation dissolved.

Colin

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