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July 2009 » Can IRC Section 1341, Claim of...
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Monte S. Colbert, CPA
As more information is discovered about the Ponzi scheme operated by Bernard L. Madoff, investors who were his victims need to continue to find ways to mitigate their losses. One way is to treat these investment losses as theft losses. From a tax standpoint, this is desirable, because a theft loss is treated as an ordinary loss rather than a capital loss. This approach may enable taxpayers to offset ordinary income in the current year. It may also create a net operating loss that the taxpayer, if qualified, may carry back up to five years to recover tax paid on prior years' income. Taxpayers may also be able to carry these losses forward 20 years and offset future income. This approach was recently endorsed by the Internal Revenue Service.
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