Replies to post #31049 on Tempus Applied Solutions Holdings Inc fka TMPS

[bob4uall]

You..must take the..loss for the..year that the..stock becomes..worthless.

Here's an article that details this. How To Write Off Worthless Stock

This point is particularly important:

Whatever you do, don’t wait until it’s too late to take your loss. If the IRS challenges the loss and the security is found to have become worthless in an earlier year, the current year’s loss will be denied. Your only recourse at that point is to amend your prior year’s return to claim your loss, provided the three-year statute of limitation has not expired. If the loss is claimed too early, the IRS will also deny it (making you wait until a subsequent year when the stock actually becomes worthless).

In 2020, events that showed the worthlessness of the stock were, in my opinion:
Delisting of the shares from trading
No bid/ask anywhere
Valuation by brokerage account as zero
Deregistration of the stock by the SEC (Registration Revocation order)
Lapse of the Corporation in Delaware

I think that no one would have a problem proving these things happened. But if you say the stock went worthless in 2021, I think you have a problem.

[bob4uall]

Also, I can amend my 2020 tax return if TMPS starts trading again, within a time limit. But right now the shares are still worthless and I suspect that 2020 will end up being the last point in time that the shares weren't worthless.