Bought nominee shares in closed C corp (prohibited new investors) using Egypt uncle's funds wired illegally from Egypt early 80's -we thought funds were his sister's who died in 1994. He sued us in 1994 with good proof funds were his. C Corp changed to S Corp in 1998 and paid huge div in 2000 for 20+ yrs retained earnings. Settled out of court w. uncle for amount equal to cost basis shares + $X. We keep profitable shares. Wonder if possible to claim $X as a 2000 tax credit under 'claim of right'per pub 525, p. 27? $X plus 2000 legal fees much less then the 2000 dividend. S corp also paid K-1 distributions. Will hand over to CPA but wanted your off top of head opinion.
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