| I only received the Net Proceeds information on my 1099B, is this correct?
1 .Yes, you can and must report this capital loss, as it will provide a tax deduction for you against your regular taxable income, subject to the loss limitation requirements. In your case, you would be able to claim $1,200 losses for the tax year 2007!
2. Regarding the 1099B, this would not show the net gain or loss, but only the proceeds. You have to provide the Cost basis for the sale of the Stock. Clearly, you sold your position for $240 and this is the only AMOUNT that is REPORTED on the FORM 1099B. It will not provide the gain or loss realize from that transaction. So, the 1099B report you received is correct!
However, it is possible in 2008 that the IRS is requesting that information from the Brokerage Firms. | 
