GNCC Capital Inc (GNCP)

[moe_the_gyp01]

Correct. You can also request a "Worthless Security Letter" from you broker to keep with your tax records just in the astronomically unlikely case you have to support the loss during an audit.

Your stockbroker could be willing to send you a letter stating that securities have become worthless, or it might agree to buy them back from you for a nominal amount. If the securities are worth no more than, or less than, the sales commission your broker charges, many tax advisers would treat them as worthless.

FYI