Parent Corporation owns 80% of the stock of Subsidiary Corporation, which is insolvent. Tracy owns the remaining

Question:

Parent owns 80% of the stock of Subsidiary which is insolvent. Tracy owns the remaining 20% of the stock. The courts determine Subsidiary to be bankrupt. The shareholders receive nothing for their investment. How do they report their losses for tax purposes?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...