Plastic2Oil Inc (PTOI)

[Rev Kilgore Mullet]

Au contraire. Compensatory stock grants are taxable as ordinary income on the date of receipt at FMV. Basis is FMV to the grantee. At the moment, Bordy has $200k in ordinary income and if he sold the shares today, he would have a $150k capital loss. In the absence of offsetting cap gains, cap loss deductions are limited to $3k per year with carryforward.

Bordy has a little tax problem.