Old Roaring Forties Windup and Distribution?

[Howard Jones]

I am not a tax lawer.... But I believe that if you have lost moneys due to what it looks like happened here it would be in fact a capital loss. Document everything and see your tax man.

[Dutton]

Originally Posted by Bruce Burges

...my loss is only minor compared to others here on the forum.

Bruce,
I hear you, brother.

Howard,
My son, who's now a CPA, weighed in on that very topic 12-18 months ago in a different RF thread.

[Charlie M]

Originally Posted by crossle43

Howard,
My son, who's now a CPA, weighed in on that very topic 12-18 months ago in a different RF thread.

What was the other thread? I'd be interested in what he said.

Charlie

[Jonathan S]

I got a letter yesterday saying they wired the money to me on the 4th but I still have not seen it. I think my wire must be on a slow boat from Australia.

[Ron Earp]

Same here. I've contacted them and they indicate there is a bank issue. Lucky me.

[Rick Muck- Mark IV]

The electrons are "upside-down" from Oz and need to be run through a "right-way" convertor before they will work in our electronic systems.

Oh, and their toilets run the wrong way!!!!

[Jonathan S]

Thanks for the explanation Rick. That explains everything!

[TimB]

I suspect in a post 9/11 USA there are several extra security screenings a foreign wire transfer is subjected to

[Jonathan S]

It is a shame they did not just mail the check since the letter beat the wire transfer.

[BruceB]

Thanks Howard I will give that a try when making my tax return in a couple of months - I don't think I will hold out too much hope on that though.

[Cliff Beer]

Gents, under US tax law it wouldn't be a "capital loss." It is quite a different beast and is called a "casualty loss." Report this loss on Form 4684 ("Casualty and Theft Losses"). The bad news is that the deductible amount is limited. First you must reduce the loss amount by any recovery (that's pretty obvious) and then also reduce it by 10% of your adjusted gross income. If there is an amount remaining after these reductions then that is generally going to be your deductible loss.

[Ron Earp]

So have all of you fellows received funds? I am still waiting for funds via a wire transfer and have investigated on my side as well as sending emails to C&L. No response.

[Dutton]

Ron,

Funds via wire transfer were posted to my bank account right after the July 4th weekend.

[Jonathan S]

I am still going back and forth with C&L. They say it was sent but my bank account did not receive it. I am waiting for more information from C&L to see where the money went.