Which IRS tax publication discusses this issue?
Q.I have a question about how to report a loss for shares I own in a company that has filed for bankruptcy protection and, additionally, filed a plan for liquidation. I assume I should deduct this event on Schedule D and that I need to determine *when* my shares in that company became worthless in order to deduct the loss in the proper tax year. The company (Value America) filed for bankruptcy protection under chapter 11 on or about 8/11/2000. The company then filed a Plan of Liquidation on 12/11/2000. The plan says the company will be liquidated at some point in 2001 and that shareholders will get nothing for their shares/ My questions are: 1- Did the shares in Value America become worthless (for tax reporting purposes) in year 2000 or in 2001? 2- Which IRS tax publication discusses this issue?
A.I'm sorry but I don't know much about it .I'd say the stock became worthless in Dec 2000 when they filed a plan for liquidation. To get the IRS Tax Publication : http://www.irs.gov/pub/irs-pdf/
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