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To: SE who wrote (14102)5/27/1998 1:28:00 PM
From: nigel bates  Read Replies (1) | Respond to of 17305
 
>> If the company is bankrupt, then the other side is in essence completed. The IRS would assert that, just as a worthless security is written off in the year the stock becomes worthless.<<

Don't know about the US, but in the UK, you can wait until the Inland Revenue (our IRS) declares the stock "of negligible value" - which can take quite some time. This triggers the gain (or loss) for tax purposes.

Kind Regards

Nig


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