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Get your taxes done using TurboTax
You should not indicate that you did the "The cost basis is incorrect..." because you did not receive a Form 1099-B. You need to determine what the correct cost basis is and enter that. Assuming you had held all the shares more than a year at the time the company filed for bankruptcy, you will have a long-term capital on all shares. If you held any of the shares exactly one year or less, then you will have ordinary income equal to the amount of the discount you received and short-term capital loss.
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March 30, 2025
6:27 PM