Word: madoff
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Complicating matters a bit for victims, the IRS said that those who are suing Madoff will be able to recover 75% of their net operating loss, while those not suing will be able to recover 95%. This does not, however, include monies recovered through filing claims with the Securities Investor Protection Corp., which...
...date for Madoff victims will be Dec. 31, 2007, according to Tipograph, the starting point for the theft loss calculation and not the partial year balance of 2008. Madoff was arrested on Dec. 11, 2008 and many victims received statements only through Sept...
...hypothetical example might go like this: a Madoff victim with a balance of $1.5 million, but who withdrew $500,000 over the life of the account, would multiply the resulting $1 million by 95% (provided they are not suing Madoff) to yield their NOL, or a "net operating loss" of $950,000. The NOL would then be reduced further by whatever claims recovered from SIPC. If, for example, a victim were to receive from SIPC $200,000, that victim's net operating loss would be $750,000, which would be the number used on tax returns to go back five...
Those who have already filed will need to go back and amend their returns, noting the new rules, and will get a filing extension to May 15, the IRS said. There are an estimated 4,800 people and/or funds who invested directly with Madoff and many more thousands who invested through pension and "feeder funds." In addition, there are an estimated tens of thousands invested with R. Allen Stanford's alleged $8 billion Ponzi and in the dozen or so Ponzis that have surfaced in the last three months...
Robert Chew is a former investor with Madoff via a feeder fund. He lives in Colorado...