"Either way, I am paying taxes on the distribution."
What distribution? Nothing (dividend or interest) has been distributed by FFGO/NMGL. And it looks like nothing ever will.
Paying taxes on a twice failed dividend scam seems like a train wreck waiting to happen.
Disclaimer: My posts should not be construed as investment/trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any securities mentioned. Please perform your own due-diligence and make your own investment decisions.