Had a conversation with two different Ameritrade staff regarding questions on FASC. This is what I was told.
1.DO NOT use FASC as a tax loss during tax season--as long as you believe there is even the remotest possibility of the stock assuming value again.
2. Once written off, the stock cannot be "reversed" and put back into an account. It is permanently gone.
3. Even though my account now shows "zero" in it as I have withdrawn what cash I had, the account by law cannot be removed or dissolved. They may put it in an inactive file or something, but they cannot discard, even though it has a zero valuation.
From this, I am advising my two sons to hold their shares. Others may want to talk with their brokers on this subject. - Dave
