Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 03-02-2012, 05:40 PM
Ecco
 
Posts: n/a
Cost Basis for worthless security

Seems straight forward but I'm having issues - in short I purchased a security in '99 that reverse split 1:1000 then reverse split again 1:75 and was delisted in 2007 so I reported it is a worthless security to get it off the books this year (don't ask why it took so long). The rub is I only had 500 shares at the time of the split but even though each of the splits would have put me into fractions I still received 1 full share. Going through the calculations my basis is through the roof and doesn't seem right. Anybody have any suggstions on how to accurately determine my loss?

In summary:
bought 1000 share
sold 500 share
reverse split 1:1000 giving me 1 share
reverse split 1:75 giving me 1 share
delisted 1 share

Any help would be much appreciated



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Need help figuring out cost basis kms2828 Capital Gains 1 04-05-2011 08:10 AM
cost basis dbkc Capital Gains 1 02-24-2011 09:45 PM
Unknown cost basis of a spinoff and unknown basis date Joy Joy Capital Gains 1 07-12-2010 10:35 AM
Cost basis????????? narekkm Capital Gains 1 02-19-2009 02:06 PM
Cost Basis after Acquisition ranger99 Capital Gains 1 05-08-2008 09:35 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.