Cancelled Patron Equities

TB12

Junior Member

Join Date: Mar 2010

Posts: 15
#1

Cancelled Patron Equities

03-26-2011, 03:45 PM

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!
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travis bickle

Senior Member

Join Date: Nov 2007

Posts: 316
#2

03-26-2011, 08:49 PM

If it is an ordinary income loss

Originally posted by TB12 View Post

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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