QUESTION
My 2015 1099B shows my ENRON stock as a capital loss.
Asked on Mar 02nd, 2016 on Taxation - Texas
More details to this question:
Can this loss be claimed even though ENRON stock was officially cancelled November 17, 2004 when the company went into bankruptcy. Subsequently my broker held the stock in my account until 2015, AND I received proceeds in '08,'09 and '10 from class action suits against ENRON.
1 ANSWER
4 Awards
Fortunately, as a former Enron employee, I sold my stock when I left the company before its collapse. However, in your unfortunate case, I believe you can claim the stock loss in 2015 because the 1099_B is substantial evidence your loss was incurred in 2015, assuming you did not claim the loss in prior year(s). The general rule for claiming a stock loss is that it must be claimed in the year in which the stock becomes completely worthless.
Answered on Mar 04th, 2016 at 7:36 PM