Well in one way I hope Fan claims official bankruptcy, or?? if at all possible start the Q-Channel back up, if this is not possible then by all means Fan must cliam official bankruptcy in order for most of us to claim a Tax loss so says the following article. Oh well!!!
As a general rule, you need an "identifiable event" that establishes the worthlessness of the stock. Bankruptcy can qualify ? it appears that old WorldCom shares became worthless when the company (now MCI) came out of bankruptcy in April 2004, because the court's ruling extinguished all rights of the former shareholders ? but stock can retain some value even during and after a bankruptcy. You may need another event that establishes zero value for your shares, such as liquidation of the corporation or events indicating it has gone out of business with no assets left to distribute.
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