Client paid $37000 to bankruptcy court last year related to S-Corp that she was a shareholder of that was dissolved in 2002. Are these payments deductible as a capital loss against the stock of the S-Corp? Or, maybe, are they deductible on Sch. A as legal fees?
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37,000 $?
Wows, that's a lots.
Sounds like a capital item to me therefore schedule d.
let's see now, 3000 per year...... !ChEAr$,
Harlan Lunsford, EA n LA -
Not to mention the $16,000 in '05 they didn't tell me about
They'll have carrovers forever. I was hoping we could find some way to use this against ordinary income, but I haven't found the first thing yet that would lead me in that direction.Comment
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