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Thanks for providing such an educational board. I have a question regarding my shares of a company - Nortel Networks - that went bankrupt in '09. To date I have not done anything with the stock certificate other than hold it my possession, and it is now worth 20 cents. My total cost basis would be $800, which would make this a long-term capital loss on Schedule D.

Does the IRS require further proof that the shares are, in fact, worth 20 cents? Must I do anything with the certificate such as turn it in to the company's shareowner servicer? Or can I just go ahead and declare the loss on my 2010 return?
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