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Microcap & Penny Stocks : Comparator (IDID): Stock Talk Only -- Ignore unavailable to you. Want to Upgrade?

To: Steven Seefeldt who wrote (567)	12/28/1998 8:06:00 AM
From: Janine Burns	Read Replies (2) \| Respond to of 610

Can anyone respond to this with some degree of certainty? My understanding of the tax codes is that one cannot write-off a worthless stock and take a total loss (without actually selling) if the stock is still trading on the open market. My problem is that it would take far more to actually sell this stock than it is worth so I would rather just write it off as worthless or hold it for another million years. (Maybe my great, great grandchildren will see a return.) I know that there are others that have this problem but I have never seen a valid response. Does this stock qualify as worthless according to the IRS and can I write this off? If so, what are the specifics involved in writing it off? AND, what if . . . I say . . . what if . . . this stock manages to make a comeback in the years to come after I have written it off as worthless. What then? Now is the time to make a move for the 1998 tax year so I would appreciate any responses. Thanks again, Janine