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Many years ago, Jack purchased 400 shares of Canary stock. During the current year, the stock became worthless. It was determined that the company went

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Many years ago, Jack purchased 400 shares of Canary stock. During the current year, the stock became worthless. It was determined that the company "went under" because several corporate officers embezzled a large amount of company funds. Identify which of the following are relevant tax issues for Jack regarding the loss associated with his stock. a. Has Jack taken a loss related to worthless securities within the last three years? b. Should this be treated as a worthless security c. Is it 51244 stock? d. Should this be treated as a theft loss? e. If an NOL is created, what are the NOL carryforward implications

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