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Thanks for the responses to my question. I have 10 total shares (after a consolidation from 100 which they did a few years back), ten times two cents for a total of 20 cents.

So (hypothetically) if I chose not to wait until the 2011 return, and just took the loss for 2010, why would that be called into question? It's not like I am being dishonest. I can show that the value is now less than one dollar - the bankruptcy of one of Canada's biggest tech companies is very public knowledge. I am declaring a gain/loss on Schedule D just as I would with any other traded stock. I am telling the IRS that I lost the $800 I invested on this now-devalued devalued stock, and that would be that. They would, what? Disallow it?
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