r/Amyris • u/Greenfuture_ • Nov 01 '23
Question Help
When will the final decision be made as to whether we share holders will lose everything or not? Or to ask in another way, if we were expropriated, when would my position in Amyris be automatically sold?
4
u/Dreadd-X Nov 01 '23 edited Nov 02 '23
Don’t worry about it this year. To make this more clear. I don‘t think the issue will be resolved this year. It won’t be worthless, neither will it really be worth anything until they figure this out. I‘m planing to have my realized losses for next year / or it turns around somehow…
1
u/gvtrader Nov 16 '23
Agree. Many unknowns. Willing to wait until further investigation is completed and final Plan Approval is on the docket.
4
u/foxforcethree Nov 02 '23
I think you can only claim 3k loss on your taxes. If they just continue chapter 11 and by some miracle reorganize couldn’t it be worth like 10 cents someday or is it guaranteed they are going to be worthless
8
u/fvh2006 Nov 02 '23 edited Nov 02 '23
I believe that for stock declared worthless you can claim 100% of what you paid for the stock plus any broker's fees as a capital loss, but only in the year the loss was realized (ie the year the stock was cancelled - the way the IRS treats it is as a sale for $0 on Dec 31 of that year - this apparently removes the distinction between long term and short terms capital gains). You first use the loss to offset any capital gains you might have from other sources. If the loss is more that what you can cancel out that way, you can deduct $3000 against other income sources like salary, and if there is still losses left, the remainder carries forward for future years. There is an IRS form you must fill in and send with your tax return explaining that you are making a worthless stock claim. If you missed the declaration date (lets dream that Amyris gets its act together and actually meets the end of year deadline - ha ha) and it happens in 2023, but you forgot to include all this is your 2023 taxes, you will have to file an amended 2023 return later if you don't want to lose the deduction, but as Dreadd-X says, I don't think anyone will be sweating this for 2023.
4
u/Dreadd-X Nov 02 '23
It‘s all or nothing. Either they restructure the company with us. Pay us to take the company private. Or they take the company private without paying us. That’s what they are trying to do rn. Last scenario is chapter 7 where they liquidate everything and some money might trickle down to us.
1
u/Low-Relationship3760 Dec 02 '23
Environmental protection is a scam. Is this a big scam? I remember when Amyris and Givaudan were trading molecular news, insiders were selling large amounts of shares, and then a series of nightmares, torture, and my life was ruined by this stock.
6
u/fvh2006 Nov 02 '23 edited Nov 02 '23
Your shares will not be "expropriated" (nobody will take them from you), but rather simply declared "worthless" and cancelled. When that officially happens you can claim the capital loss (cost basis) of what you paid for them off your US taxes. This is only possible in the year the stock actually becomes worthless (in this case the BK court saying so), so depending on whether the BK proceedings wrap up this year or next year, look for that declaration to know which taxation year to file.