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Advanced Micro Devices, Inc. Message Board

  • wazzup92 wazzup92 Dec 26, 2000 8:24 PM Flag

    Help! Tax Question Delisting

    Thought I would try and tap the vast knowledge
    base out there on the AMD board:

    I have 5K cost
    basis in a stock (ICGX-Q) that was delisted and name
    changed from ICGX to ICGX-Q and now the has a value of
    zero. I can't sell the stock. What do I do, I can't
    sell it, but how can I claim the loss??

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Well, I could make all kinds of great jokes about
      why you're asking this question on the AMD

      Anyway, here's your answer. You can deduct the loss on
      schedule D, but only in the year the stock became
      worthless. You need to have proof that the stock had some
      value the year before and that it became worthless in
      the current year. That evidence could be they went
      bankrupt, stopped doing business, etc.

    • Get your broker to dump it for you and adjust
      your account accordingly.

      The same thing as
      when options expire worthless.

      As long as you
      have a record that you dont own the stock anymore you
      can claim it as a loss.

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