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You forgot the Fair Fund established OWCP as a fraudulent operation. OWCP is on the Expert Market (the old Grey's).
"The IRS is basically saying what happened with OWCP does not qualify for ponzi scheme section C of the form. This is exactly what happened with OWCP but it was a spokesperson rather than and officer or director. I can’t imagine the rules would change being it’s a spokesperson who committed the fraud rather than an officer/director."
The IRS Tax Code isn't written in stone they are guidelines.
"The IRS is basically saying what happened with OWCP does not qualify for ponzi scheme section C of the form. This is exactly what happened with OWCP but it was a spokesperson rather than and officer or director. I can’t imagine the rules would change being it’s a spokesperson who committed the fraud rather than an officer/director."
I certainly appreciate your input - and we will see what happens.
Per the IRS instructions on what you cannot claim as a loss on form 4684, “a decline in market value of stock caused by illegal misconduct by the officers or directors of the corporation that issues the stock, that was acquired on the open market for investment” cannot be claimed on form 4684.
The IRS is basically saying what happened with OWCP does not qualify for ponzi scheme section C of the form. This is exactly what happened with OWCP but it was a spokesperson rather than and officer or director. I can’t imagine the rules would change being it’s a spokesperson who committed the fraud rather than an officer/director.
"A—Personal Use Property (Use this section to report casualties and thefts of property not used in a trade or business or for income-producing purposes. For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. You must use a separate Form 4684 (through line 12) for each casualty or theft event involving personal-use property. If reporting a qualified disaster loss, see the instructions for special rules that apply before completing this section.)"
Then we have:
"SECTION C—Theft Loss Deduction for Ponzi-Type Investment Scheme Using the Procedures in Revenue Procedure 2009-20 (Complete this section in lieu of Appendix A in Revenue Procedure 2009-20. See instructions.)"
The Tax Code is guidelines not rigid rules - you could possibly use Section C losses from a Ponzi type investment scheme.
This should be a special topic on how file to take advantage of the OWCP losses.
Tax theft/loss S form .You take the unreturned number from fund and deduct from your total income tax .This is your new taxable income number for 2023 .example if 2023 is 100k you got 25 k back and you have 25k as your loss then new number is total 75k as taxable
Did you already claim a loss when you sold your shares though? Or if you didn’t already sell and claim the loss, what will you do when you do sell? You wouldn’t be able to claim a theft loss now then sell shares later and claim the loss again next year or whenever. Any idea how that works? Curious about the theft loss approach.
There is a movie produced with that title. I have never seen it and do not know what the contents are about. Although, I do hope the premise is about the butterfly effect in someway.
I think it was you that mentioned The Butterfly Effect a while back. I looked it up at the time. I just saw a movie with that title on Amazon. Is it worth watching?
I have a long time certified public accountant I will give it to her and hope for the best.My thought is if the SEC charged Specifically, the Complaint alleged that, Friedland engaged in a nearly $7 million securities fraud scheme to conceal the nature of his interest in an Israeli medical marijuana company, OWC Pharmaceutical Research.Friendland not the company was the defendant . he defrauded investors and we only got half on the money back if there was more money we were entitled to full restitution. This was a theft and prosecuted as such. I can only try thanks
Investment and other theft losses are covered in the IRS section 165 of the tax code. If you wish to claim a deduction for any losses due to investment fraud, you must complete a theft loss report. Theft loss reports should be submitted using Form 4684 and Form 1040 Schedule . Good news for my 2023 taxes
Maybe he was recently but I was thinking of the deep past. I think that the way they promoted that deal is very similar to what has occurred to date with OWCP. They pioneered rotating CEO's and officers talking smack about each other and much of the style of the way OWCP released "news" and there was an external guy just like Camelot who posted on this board. OWCP used the SLJB tactics and added 3 shareholder votes and the promoter getting arrested by the SEC. I feel like I'm watching a sequel to a movie. Fortunately its nearing time for the second sequel probably shortly after rescheduling. At least we know now that the hundreds of posts that CATV was getting all of the OWCP assets for pennies on the dollar were not accurate and all 3 lawsuits are resolved with no impact except of course the judgement in the Southern District of NY which I expect to pay off the team when the company launches. The preferred conversion will enrich insiders but since they neglected to set up a preferred series to control shareholder votes they were not able to dilute the legacy shareholders out of the game so they were forced to retain the value of those positions. Watching years and years of accumulation of the common stock has been joyful. I am sure that there are others who are silent but I am grateful to have a substantial holding of the common since there is no easy way for a US investor to participate in the accumulation with it being on the Expert Market. No need to tell me that OWCP is dead. I am aware that I alone hear the heartbeat and it is getting stronger by the day.
I'm fairly sure that if I got as far as a custodianship hearing we would see management appear out of nowhere and do whatever it takes to retain the company. Knowing that it will probably be impossible to acquire shares prior to launch I'm grateful that I have my position at around 1 cent. Someone has been accumulating shares for years and years. I think that this stock will eclipse Sulja Brothers in the originality category when the cards are laid on the table. The Camelot affair, the 3 share holder votes and Ziv's lawsuit. I think that beats SLJB getting investors to buy into shipping concrete from Canada to Dubai.
Why don't you file for Custodianship of OWCP and find a real company to merge with OWCP?
Why would anyone do that... when there is an $8 million dollar judgement against this very shell?
It doesn't go away if someone decides to take custodianship of it and merge another company. That's the first step in acquiring a shell/merging a company with a shell. It's due diligence of lawsuits/financial judgements against it.
The shell is tainted. It will either be bought by Kirkland, forfeited in an asset seizure down the road or at the very least be bought by someone who is linked with Kirkland.
Go. Owcp. Five times normal volume today I’m still holding 1 million shares from years ago and I believe the future is definitely green for this company once they straighten everything out.
Both were SEC reporters - and both are listed as delinquent SEC filers and both are on the Expert Market (I find the name pretty funny).
The point was just because a OTC company is a SEC filer means very little in determining it being a share selling scheme.
But OWCP was far more sophisticated scam than NPHC.
The biggest problem is that OWCP will be suspended and revoked.
Why don't you file for Custodianship of OWCP and find a real company to merge with OWCP?
There are several issues you would have to resolve before a merger could happen - first you would have to file a 15c and file all of the delinquent 10-Qs and 10-K. It would probably cost at least $50,000. Plus, deal with any hidden convertible notes, legal issues...
I've noted your recent concern about 15c filings on a lot of stocks and I understand your concern since they can continue to trade in the interim. It seems to me here that the lack of a 15c is not the biggest concern at the moment because OWCP is Expert Market.
The part of your post that I don't understand is why your analysis of NPHS has any bearing on OWCP. Are you suggesting that those companies are involved in some way?
Blue, there is a problem with OWCP - they (whomever takes over the shell) has to file a 15c and I haven't seen one approved in months.
From the OTCM website:
"Warning! This security is eligible for Unsolicited Quotes Only
This stock is not eligible for proprietary broker-dealer quotations. All quotes in this stock reflect unsolicited customer orders. Unsolicited-Only stocks have a higher risk of wider spreads, increased volatility, and price dislocations. Investors may have difficulty selling this stock. An initial review by a broker-dealer under SEC Rule15c2-11 is required for brokers to publish competing quotes and provide continuous market making."
Plus, NPHC is severely delinquent and could be suspended at anytime.
At the time of the great journey across Flat Earth investors were to believe that they were the only contributors to the cost of the travelers employment.
Modern day Marco Polo in my eyes. Bringing back mysterious goods from far away lands.
At a later conference call Ziv stated that Howard was representing the company as a sort of IR rep. It seemed to imply that Howard's role was to interface with investors on Ihub.
What do you think is going to happen next? I feel that the time is near.
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