Keeley purchased 1,000 shares in FAM Inc.,for $10,000 on December 19,2015.The company went bankrupt on July 10,2016 with no hope of recovery for the shareholders.
a.On what date is the stock deemed to be worthless?
b.What is the nature of the loss?

Question

Quizplus · Accepted Answer

The Answer of Keeley purchased 1,000 shares in FAM Inc.,for $10,000 on December 19,2015.The company went bankrupt on July 10,2016 with no hope of recovery for the shareholders.
a.On what date is the stock deemed to be worthless?
b.What is the nature of the loss?

Keeley Purchased 1,000 Shares in FAM Inc