Just recived my cheque and shares for losing on NT in 2004 because of Nortel's b/s acounting fraud back in 2003/2004.
Anyone know the tax treatment for these receipts. Does it automatically go against the capital losses I recorded for that year; can it be applied against previous years capital losses; or is it to be recorded as an income from a legal settlement; something else?
Seeing as many a law firm has made a killing on this process, now a few tax accountants are gonna get their share of the reward.
For those who haves't got their's yet, they give 22% in cash of the initial claim you filed for the periods stipulated & 1 share for every 49.00 in losses that you incurred. Now a whole buch of us will we stuck with odd-lot amounts of shares.
Peace out.
Anyone know the tax treatment for these receipts. Does it automatically go against the capital losses I recorded for that year; can it be applied against previous years capital losses; or is it to be recorded as an income from a legal settlement; something else?
Seeing as many a law firm has made a killing on this process, now a few tax accountants are gonna get their share of the reward.
For those who haves't got their's yet, they give 22% in cash of the initial claim you filed for the periods stipulated & 1 share for every 49.00 in losses that you incurred. Now a whole buch of us will we stuck with odd-lot amounts of shares.
Peace out.
