Wednesday, October 29, 2014 6:39:39 PM
http://www.kiplinger.com/article/investing/T052-C001-S001-how-to-sell-worthless-stock.html
Even if a company goes bankrupt, the IRS may not consider its stock to be worthless. However, if your broker buys your stock in such a transaction, the loss realized in the sale should qualify as deductible subject to the annual net loss limit of $3,000. If net losses are greater, the excess amount can be carried over to subsequent years.
http://www.irs.gov/publications/p17/ch14.html
Even though PVEC has had no published bid for several weeks, trades do still occur from unsolicited bids so a broker may not yet consider it dead, especially if the client has not made a continuous effort to sell it at market.
When these worthless stock transactions occur, they are shown at the lowest price available for reporting, $.0001/share. A lot of volume in worthless stocks toward the end of the year may actually be such transactions.
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