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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: MIKE URBAN who wrote (11407)	4/11/1999 6:13:00 PM
From: LT	Respond to of 11684

Does anyone out there have a copy of the corporate balance sheet? It is required for the IRS to claim it on last years taxes. Who in the world told you that? If your referring to the "worthless stock" write off, you make that determination yourself, just be ready to defend it if needed. IRS doesn't require corporate balance sheets* as proof. I was told to use the following as a test. 1. Has the company ceased operations, no longer exisits at the buisiness address, has no payroll or employees. MTEI (YES) 2. Can the stock be sold for a positive amount? [ After costs of selling are subtracted] MTEI (NO) If the answers are Yes\No, to each of these, it is worthless. You must take a worthless stock write off, in the year it becomes worthless, so don't piddle around making up your mind. After the filing year passes all you can do is ammend that years return to take the write off. *most penny stocks aren't required to show anyone corporate balance sheets LT