Replies to post #345460 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[shajandr]

First, your tax advisor is dead WRONG. Second, teflon2insults agrees with me. If you doubt that - read his post again AND let's ask him to clarify if you still don't understand that he agrees with me.

Interesting you should bring up that exact thing.

I don't care what TD Ameritrade says about removing the listing from your account - they are NOT the IRS who you report the loss/abandonment to. They are simply holding (actually a depository is) the electronic certificates. Again, Jack - you've been given the exact advice - and citations from the IRS on how to handle tax reporting.

As to TD Ameritrade - interestingly even after over a decade as a loyal customer I had a similar experience with them - and their allied TD Bank on this and other issues. I dropped all relationship, moved my accounts and holdings - and left SPNG there. They can keep accounting for that POS - at their own expense for forever as far as I'm concerned. See, if anything, it goes to prove I abandoned it and disavowed any interest in it - as the IRS requires.

The trades you see - which as you say because of the lockdown are in theory impossible - are those from (just about any other broker) that has a (sometimes small fee, regularly courtesy) system where they are actually the buyer of the stock you want to get out of the account. When they charge, they purchase it for the same amount they charge. Then they put it in a garbage/suspense account of their own. It is an accounting process really. And that is the only way - and reason - any broker - or anyone really - would trade/buy this entirely worthless security.

Get new tax advisors and a new brokerage.