Replies to post #137934 on BioAmber Inc fka BIOAQ

[toncatmad]

Who cares if you take the tax loss or not. There is no specific date you have to take the loss by but you need gains to offset the loss against.
If you don’t have capital gains to offset the maximum is $3000 to right off your personal income per year.
You can take the deduction if the shares have been sold for a loss or the company went bankrupt and was liquidated. This goes for any company as I’m sure everyone is aware. From 8949 D. There are other conditions as well.

You can take a total capital loss on the stock if you own stock that has become worthless because the company went bankrupt and was liquidated. But the IRS wants to know on what basis the value of the stock was determined as zero or worthless. You should keep some kind of documentation of the zero value of the stock, as well as documentation of when it became worthless.

Any documentation that shows the impossibility of the stock offering any positive return is sufficient. Acceptable documentation shows the nonexistence of the company, canceled stock certificates, or evidence the stock is no longer traded anywhere. Some companies that go bankrupt allow you to sell them back their stock for a penny. This proves you have no further equity interest in the company and it documents what is essentially a total loss.

You may only deduct 100% of your stock losses if the losses stem from a company that went bankrupt so the stock is now worthless. You can't deduct 100% of the losses if there's any possibility of the stock having a positive value in the future.

[toncatmad]

Worthless stock

In some cases, stock you own may have become completely worthless. If so, you can claim a loss equal to your basis in the stock, which is generally what you paid for it. The stock is treated as though it had been sold on the last day of the tax year. This date is important because it determines whether your capital loss is long-term or short-term.

Stock shares become worthless when they have no liquidation value, because the corporation’s liabilities exceed its assets, and no potential value, because the business has no reasonable hope of becoming profitable. A stock can be worthless even if the corporation hasn’t declared bankruptcy. Conversely, stock may still have value even after a bankruptcy filing, if the corporation continues operating and the stock continues trading.

You may not discover that a stock has become worthless until after you’ve filed your tax return for the year of worthlessness. In that case, you can amend your return for that year to claim a credit or refund due to the loss. This can be done for seven years from the date your original return was due, or two years from the date you paid the tax, whichever is later.

[toncatmad]

Is there anyway FKA BioAmber shareholders could ever receive any type of compensation for their worthless FKA BioAmber shares?
It’s a simple yes or no question with one being true and the other a lie.

[toncatmad]

It’s been over 5 years since the liquidation was announced and approved by the judges. Why does it matter anyway if it is said it was 3, 4 or 5 years ago.
The result is exactly the same. FKA BioAmber was liquidated for $4.34 mil a sum far less than its total liabilities. All of the assets were sold to LCYB including the tangible and intangible assets shown on the APA. The only things that didn’t sell were the cash accounts, AR, inventory and some office furniture in the US. LCYB did not want the contracts assigned either so some 3rd party owned intellectual property was not transferred either.
FKA BioAmber being liquidated selling off all assets, having all BOD resign terminating all employees and closing its doors back in 2018 leaving all of its creditors impaired with ZERO chance of recovery was the end.
FINRA put the final nail in the coffin when PWC informed them of the liquidations outcome by suspending the CUSIP and deleting the ticker.


In the end FKA BioAmber is gone and shareholders lost their investment wether it said 3 years when the discharge was signed, 4 years when the ticker was yanked for good or 5 years when the liquidation was approved.

[Real McCoy]

I don’t care what anyone does with the tax loss is my comment. Obviously the losses are valid, but I do not know the rules for how long they are available. The quantum of the loss you can actually realize is pretty small at 3k. Who cares.

I’m glad you brought up the dates. The five year comment comes from the last ever press release from the company over 5 years ago:

https://seekingalpha.com/filing/4212700

Specifically October 22, 2018 was the date the company said it completed its liquidation. And now I want to drill down VERY specifically- anyone who knows anything but still indicated the shares could have any value on a date after this announcement up until trading stopped as you state in November of 2019 is an actual, literal con man who had a hand in trying to make money while putting others money in a perilous position that become catastrophe when the ticker was deleted.

As you know I really enjoy your backfiring “right to remain silent” comments as I’ll never let something like this remain not debunked and you’re currently cornered by another poster:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173284426

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173130424