Strange form 1099-b

[taxjungle]

I don't understand this 1099-B. Please help!

Here is what it looks like:

On page 1: 2011 1099-B* Regulated Futures Contracts

10 Profit (loss) realized in 2011.......................................... 0.00
11 Unrealized profit (loss) -open contracts 12/31/2010.......... 0.00
12 Unrealized profit (loss) -open contracts 12/32/2011......... 0.00
13 Aggregate profit (loss) ................................................ 0.00

Then on page 2: 2011 1099-B* PROCEEDS FROM BROKER AND BARTER eXCHANGE tRANSACTIONS

8 - UNDETERMINED TERM GAINS AND LOSSES - Cost baSis is NOT reported to the IRS
Consult your investment records for the cost basis ans/or date of acquisition to determine whether the transaction in this section are long term or short term.

9 - REPEATER TECHNOLOGIES INC COMMON STOCK DELISTED 10/21/09
1a - Date 10/06/2011
Quanity 400.00
2 - Proceeds (less commissions) 0.00
Date of acquisition N/A
Cost or other basis ......
Gain or loss ......
Additional Information Sale

6 - Tax lots: NONCOVERED**

[spanel]

worthless stock/cost unknown?

chris

[joanmcq]

That's what it looks like to me.

[KathMorgan]

I agree

Worthless stock that they have been waiting to be declared is exactly what it looks like to me. And of course brokerages weren't required to keep track of basis at the time, so the client needs to provide a purchase date and basis if they have it. this could be a pretty hefty deduction depending on the cost basis. Of course, if the client "can't" get the info or doesn't want to bother with it the the basis is $0 and it is a zero sum transaction on the Sch D LT.