OK -- So now how do I write off the last $1.26 for the 21 shares we owned of Webvan. :(
 
--Lindy Robertson
WISE Investors

Shame on your club for buying something as awful as Webvan.
Take a lesson from our club and don't buying anything that
doesn't have a P/E ratio (positive earnings).

Lindy Robertson wrote:
> OK -- So now how do I write off the last $1.26 for the 21 shares we owned of Webvan. :(
>
> --Lindy Robertson
> WISE Investors

I am not the monitor of this forum, and, although I am a consultant for
bivio, I have no official standing with Club_Cafe. So, strictly as an
individual, I would like to suggest that we refrain from messages
chastising or shaming investment choices of other members, even if meant
in fun.

I'm sure that we have all made enough mistakes at one time or another of
which we don't want to be reminded. I would like to see Club_Cafe
develop into an active forum where one can express opinions and ask
questions without fear of being criticized.

Rip


<<
Shame on your club for buying something as awful as Webvan.
Take a lesson from our club and don't buying anything that
doesn't have a P/E ratio (positive earnings).
>>

Before I posted, I told my club I was going to post "in the name of this
friend of mine.... " Believe me -- I took no offense to your comment. :)

Our club wins some, loses some -- we're proud of our overall 20% profit --
especially in these times. :)

While I've seen two "replies" to my original question, neither one has
answered my question.

So, what I did was show a "sale" for gross proceeds of zero. That wiped it
out just fine! :)



Chris Washburn wrote:
>
> Shame on your club for buying something as awful as Webvan.
> Take a lesson from our club and don't buying anything that
> doesn't have a P/E ratio (positive earnings).
>
> Lindy Robertson wrote:
> > OK -- So now how do I write off the last $1.26 for the 21 shares we owned of Webvan. :(
> >
> > --Lindy Robertson
> > WISE Investors

<<
While I've seen two "replies" to my original question, neither one has
answered my question.
>>

Yes. Before I made my 'reply', I looked at your records and saw that you
had accomplished your goal by selling the stock for zero dollars.

That is the correct procedure for worthless stock.

Rip West
Ridgway, CO
trez_talk@bivio.com

Thanks, Rip ! :)



Rip West wrote:
>
> <<
> While I've seen two "replies" to my original question, neither one has
> answered my question.
> >>
>
> Yes. Before I made my 'reply', I looked at your records and saw that you
> had accomplished your goal by selling the stock for zero dollars.
>
> That is the correct procedure for worthless stock.
>
> Rip West
> Ridgway, CO
> trez_talk@bivio.com

Lindy Robertson wrote:

<snip>

> So, what I did was show a "sale" for gross proceeds of zero. That wiped it
> out just fine! :)
>

<snip>

> >
> > Lindy Robertson wrote:
> > > OK -- So now how do I write off the last $1.26 for the 21 shares we owned of Webvan. :(
> > >
> > > --Lindy Robertson
> > > WISE Investors

Lindy,

What you have done is "correct" with regard to bivio, but
"wrong" with regard to the IRS and tax law.

Even though Webvan is in bankruptcy and the stock is not
trading, your investment is not "worthless" for tax
purposes.

It will only become worthless when there is no possibility
that you will receive any "value" for your investment.
Typically, this means that the company has stopped operating
AND liquidated all assets. Or they may have cancelled the
outstanding common stock.

The easiest way to clear Webvan from your club's books is to
ask your broker to buy the shares from you for $1. Many
brokers will do this as a courtesy for their clients. Then
you will have a legitimate sale for tax purposes.

Of course, should Webvan truly disappear, you already know
how to record the zero value transaction. :-)

Ira