Replies to post #332557 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

Unfortunately millions of shares were traded in 2010, albeit at negligible prices, so declaring it valueless in 2009 for tax purposes is undoubtedly improper.

Don't ask me to cite you a rule#, but I think you need to wait.

For philosophical and investment purposes the suspension should've signaled the end, but I suspect the IRS doesn't see it that way.

Sorry.......

[bkc46]

Although I still own my shares, my CPA wrote off 100% (non-IRA funds) by completing F4684, listing "Robbery and Fraud-Securities). He stated the write off was applicable to 2009, since that is when there was "knowledge" (key word) of the fraud. Admittingly, I did file late. He kept a copy of the indictment and other SEC releases for the file. Possibly your accountant would amend your 2009 taxes if you stated you were unaware the tax code applied to this loss. I would confirm it with your CPA, because obviously you actually owned shares, unlike the seemingly plethora of "do-gooders" with oodles of "expert" advice, despite the stock hasn't traded in months.

Have to wonder why some suggest having their broker remove the shares from their accounts. With Etrade and Ameritrade accounts, I have never been charged for a split or CUSIP change.

Hope this helps.