Our club recently received a letter indicating we would
receive nothing for the shares of Worldcom we hold as they
emerge from bankrupcy, although I do not believe the
bankrupcy has been finalized by the courts. I suspect then
we should be able to write the shares off for 2003? We have
never did this, how is it done in club accounting? Would
this go for our 2003 accounting.
I am sorry if I missed a response to someone else asking for
help in this matter.
Steve

Steve A. Hannemann wrote:
> I suspect then we should be able to write the shares off for
> 2003? We have never did this, how is it done in club
> accounting?
 
First remove the shares from your brokerage account. Ask your
brokerage to buy the shares from you for $0.01. Then record the event
as a sale. The loss will automatically show up on the club's 2003
Schedule D.
 
Paul Moeller
bivio, Inc.