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Replies to post #142937 on BioAmber Inc (fka BIOAQ)
The loss deduction for worthless securities must be claimed in the tax year in which the securities are deemed to have become completely worthless. The taxpayer is responsible for making this determination. Worthlessness is often presumed to result from an identifiable event, such as bankruptcy, liquidation, or termination of business activities. However, such an event is not necessarily required for making a claim of worthlessness if the business is completely insolvent. While the determination of worthlessness is often subjective, the courts have generally upheld it when there is no reasonable possibility that the investors will receive anything of value (see, e.g., Drachman, 23 T.C. 558 (1954)).
Regs. Sec. 1.165-5(i) allows taxpayers to solidify their loss claim on worthless securities by formally abandoning the securities. To abandon a security, the taxpayer must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it
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