A security that is a capital asset becomes worthless.The loss is deemed to have occurred on the day that the security was declared worthless.

Name: A security that is a capital asset becomes worthless.The loss is deemed to have occurred on the day that the security was declared worthless.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The loss is deemed to have occurred on the last day of the tax year in which the security became worthless, not the day it was declared worthless.

A Security That Is a Capital Asset Becomes Worthless