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Fifth Circuit and Tax Court Disagree on Whether Money Services Business Is a Bank

November 19, 2016 by Ed Zollars, CPA

If a taxpayer ends up with a worthless security, the loss from writing off that security is treated as a capital loss.  While, generally, to have a capital gain or loss there must be a sale, IRC §165(g) provides a special rule for worthless securities.

Image copyright sentavio / 123RF Stock Photo

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November 19, 2016 /Ed Zollars, CPA
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