Cancelled Patron Equities

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  • TB12
    Junior Member
    • Mar 2010
    • 15
    #1

    Cancelled Patron Equities

    I have a tax client who received a Statement of Equities cancelled (farm elevator coop) and according to Code sec 165(a), they can take an ordinary loss deduction - I'm just not sure where to input on the tax form. Any ideas?

    Thank you!
    Tags: None
    • travis bickle
      Senior Member
      • Nov 2007
      • 316
      #2
      If it is an ordinary income loss

      Originally posted by TB12
      I have a tax client who received a Statement of Equities cancelled (farm elevator coop) and according to Code sec 165(a), they can take an ordinary loss deduction - I'm just not sure where to input on the tax form. Any ideas?

      Thank you!
      it can go on L21 of F1040 as a negative number.
      Just because I look dumb does not mean I am not.

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