Question
writing off losses of a bankrupt company
My client was holding stock of a company that went bankrupt and is de-listed. He showed me something he found online that says in this situation, the loss is not limited to $3K p/yr but can be entirely written off in the year it becomes completely worthless. I did some research and I think he might be correct but I don't know how to do show this in proseries and also is he correct because its the first time I have this situation.
Please help.
