The big guys do not have to play be the same rules as the rest of us.
As the year is coming to an end I tried to clean up my club's investment portfolio by selling off or relinquishing a worthless stock. This will enable the club to take a loss, small though it may be in this years taxes.
I called the broker and asked him to take the stock off our hands and deliver a letter stating that we have in effect sold the thing as proof for the IRS.
Unfortunately I was told that while they realize what I wish to do they have to follow some governmental rules and regulations before they can do as I ask and it could take up to 30 days. This would negate any benefit for this year's filing.
By the way the loss will be $200 total.
I wonder if the government scrutinized the likes of Bernard Madoff who seems to have been able to work on a slightly higher sum.
(Old adage - If you owe the bank $100 they own you; If you owe the bank $1Billion you own them!)