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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: rlarson who wrote (54330)	3/25/1999 12:43:00 AM
From: ray s	Respond to of 55532

Rob... I'm amazed you feel comfortable asking anyone on this thread for anything!

To: rlarson who wrote (54330)	3/25/1999 1:12:00 PM
From: The Duke of URL©	Read Replies (1) \| Respond to of 55532

First: Only one of the great benefits of RMIL is the autopsy of the experience. One must constantly evolve. Asking the IRS hot line for tax advice is roughly the equivalent of asking Riley G/Angel D for investment advice. Wasn't it Pugs who said, "Those that do not study history are condemned to repeat it." Second: The advice you were given is somewhat imprecise. The IRS Code (sic) requires that an asset which is otherwise deductible, is deductible in the Year it becomes worthless. Under these circumstances, a "sale or exchange", otherwise a requirement, is not necessary for the loss. The problem then becomes one of establishing the incidence of "worthlessness". I.E. the question becomes "when?". 'Finding a book' is just evidence of the worthlessness at the time of the book, it may not evidence the date it became worthless. If the amount is not substantial, it is highly unlikely that the IRS will dispute whatever position taken. HOWEVER, should they wish, and if they wanted to be nasty; OR, if the agent that is assigned to the case turns out to be one of the NAYS; or, used to be an Evil Marker Maker, before (s)he worked for the IRS, (s)he might take the position that the stock was worthless about 1996, and since the statute has already run on that year, the loss-deduction might, other things equal, would be lost. But you must do your own DD. :)

To: rlarson who wrote (54330)	3/29/1999 4:49:00 PM
From: David R	Read Replies (1) \| Respond to of 55532

There are many ways in which you can compute and take your loss. You can still sell your RMIL at par value (.001) or so. Then you can take a loss on the sale (it is too late for 1998). You can prove RMIL is worthless (not too hard). Or, following my prohpetic utterance 1.5 years ago, you could use your certs in your bathroom, and then document the loss to the IRS as the difference between your buy price, and a roll of Charmin. Now if you have your certs, then perhaps they would hold value for your great-great-great grand-children. Few times has investor fraud and shareholder greed been better documented than with RMIL. A historian could have a field day with this as a textbook case of greed run amuck in the 1990's and driven by the internet. Not to mention that thus far, the perptrators of this scam have avoided prosecution. RMIL could also server as the textbook case for how to find suckers and take their money without going to jail. Either way, actual certs would then certainly have collector value. Possible outpacing Furbies and Beenie Babies.