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    #1

    loss

    A client invested $3000 into a startup company in 2002. He was not a business owner, partner and he was issued no stock. The company went out of business in 2006 and he did not receive his $3000 back. Can he deduct a loss such as this on his tax return?
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    #2
    Loan agreement

    If he has a loan agreement, by all means take the loss.

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      #3
      What was he, then?

      >>He was not a business owner, partner and he was issued no stock<<

      What was he, then? A creditor, guarantor, customer, vendor, employee... ?

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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