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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Mar 19, 1963
Page
9
A reader asks when stock becomes worthless for tax purposes and how to claim losses. IRS guidance says treat the date of notice of insolvency as the worthlessness point, allowing a loss in that year. Seek brokerage confirmation and preserve proof. Also clarifies bankruptcy communications and the seven year amended return window under Section 6511(D).
Bleachable cottonseed oil futures finished mixed with May at 12.45, July 12.65, September 12.836, October 12.838, December 12.968, and March 13.4087. May 13.04 listed as a bid for 1964.
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