?? About Worthless stocks
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?? About Worthless stocks I have sent this question to Bivio staff, but does anybody else know? I have 2 stock which I think are worthless. 550 Shares of EXDSQ (Exodus Comm) 4 Shares of MCWEE (MCI WorldCom) How do I know they are worthless? My bank statement no longer list them at all. How do I know what year they went worthless? I think EXDSQ went worthless in 2002 and MCWEE went worthless in 2004. If EXDSQ when worthless in 2002, I do I account for it this year? Do I have to go back to 2002 and file an amended 1065 form? Do I have to re-do all the K-1 for each partner? If I do need to file an amended return, can Bivio software do this for me? Do I just put that I sold the stock for $0 on 12/31/2002 and the software will do the rest? I just need to print out the docks? How do the Partners of my club handle the new K-1s, do they need to file a amended individual return if they want the loss on their return? Or, can they use it against this year return? I would like to just put the 2 stock as worthless this year, can I do this? Thanks so much! Jeff |
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