Based in the Dallas, Texas, area, Idearc is a public company listed on the New York Stock Exchange. The first telephone directory was a one-page sheet produced by the New Haven District Telephone Company in 1878 soon after the telephone was invented. Listing just 47 subscribers, the directory made only a modest attempt at organization.
| LAST: 2.350 | CHANGE: 0.30 | OPEN: 2.580 |
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| CHANGE(%): 11.32 | PREV: 2.650 |
What happened to Idearc stock?
In May, 2009, Idearc published a FAQ document that indicated that current shareholders will get nothing. This indicates that at some time the Idearc shareholders will qualify for a worthless stock deduction. The current thinking is that the bankruptcy will be completed in the third quarter of 2009.
Will Idearc shareholders qualify for a worthless stock deduction?
This indicates that at some time the Idearc shareholders will qualify for a worthless stock deduction. The current thinking is that the bankruptcy will be completed in the third quarter of 2009.
When to report a Idearc worthless stock loss?
Timing of a Idearc Worthless Stock Loss. Sometimes that can be tricky. In the case of Idearc, the stock clearly became worthless in 2009 when Idearc bankruptcy steps have been completed. If Idearc becomes worthless in 2009, report the loss on your 2009 Form 1040, Schedule D which is due April 15, 2010.
What if Idearc becomes worthless in 2009?
In the case of Idearc, the stock clearly became worthless in 2009 when Idearc bankruptcy steps have been completed. If Idearc becomes worthless in 2009, report the loss on your 2009 Form 1040, Schedule D which is due April 15, 2010. If you don't report your worthless loss on your 2009 return.
TELEPHONE DIRECTORIES: 19TH-CENTURY ROOTS
The first telephone directory was a one-page sheet produced by the New Haven District Telephone Company in 1878 soon after the telephone was invented. Listing just 47 subscribers, the directory made only a modest attempt at organization.
VERIZON INFORMATION SERVICES FORMED: 2000
The early 1980s was a period of upheaval for the telephone industry. After a 13-year antitrust suit against American Telephone and Telegraph Company (AT&T), at the time the world's largest corporation, AT&T was split up, resulting in the creation of seven regional holding companies, popularly known as the seven Baby Bells.
IDEARC SPUN OFF: 2006
After some ten months of deliberation, Verizon, dissatisfied with the offers for Verizon Information Services, decided to spin off the business as a new public company called Idearc Inc., a name formed by fusing "idea" and "arc." To help fund Idearc's independence, which came with a price tag of $9 billion in assumed Verizon debt, a team headed by chief executive officer Katherine J.
PRINCIPAL SUBSIDIARIES
Idearc Media Corporation; Idearc Media Sales-East Company; Idearc Media Sales-West Inc.; Idearc Media Services-East Inc.; Idearc Media Services-West Inc.
PRINCIPAL COMPETITORS
L.M. Berry and Company; TransWestern Publishing Company LLC; Yellow Book USA.
FURTHER READING
Anderson, Jenny, "This Time the Wheeling and Dealing Wasn't in the Men's Room," New York Times, November 3, 2006, p. C6.
Idearc Worthless Stock - Overview
IF YOU FILED YOUR 2009 TAX RETURN ON OR BEFORE 4/15/10, THE LATEST WHEN YOU CAN AMEND THAT TAX RETURN TO TAKE THE IDEARC LOSS IS 4/15/17.
May, 2009 FAQ
In May, 2009, Idearc published a FAQ document that indicated that current shareholders will get nothing. This indicates that at some time the Idearc shareholders will qualify for a worthless stock deduction. The current thinking is that the bankruptcy will be completed in the third quarter of 2009. (It didn't happen in the third quarter).
September, 2009 FAQ
In September, 2009, Idearc published a FAQ document that the bankruptcy will probably be completed in the fourth quarter of 2009. As of 10/5/09, the Idearc price is around $0.02. Thus, it does not yet qualify for worthless stock status.
November 18, 2009 News Release
From reading this news release, it is clear that (1) the stock is not "worthless" yet, but (2) it will be worthless. The current stockholders' stock will be cancelled once the plan or reorganization is effective.
November 20, 2009 News Release
From reading this news release, it is clear that nothing has changed for the current shareholders since the November 18th news release.
December 10, 2009 News Release
From reading this news release, it appears that the plan of reorganization is close to being confirmed (accepted). When that happens, the Idearc stock will be worthless.
December 22, 2009 News Release
From reading this news release, it appears that the plan of reorganization should be confirmed around December 31, 2009. This is critical! If the plan of reorganization is confirmed on or before December 31, Idearc stock will be worthless in 2009.
