- 28 -
Commissioner, 93 T.C. 758 (1989), affd. 946 F.2d 395 (5th Cir.
1991) (taxpayer had expropriation losses in Iran; courts held that
taxpayer had no reasonable prospect of recovering its losses at end
of 1979). Acting through her attorney and return preparer,
petitioner has continued to actively pursue her claims against
BCCI. Because BCCI was still in liquidation at the close of 1991,
the future of petitioner's claim was uncertain. Petitioner's claim
had a potential value; thus, it was not worthless in 1991. See
Dustin v. Commissioner, supra.
In fact, as recently as December 1996, the liquidator for
BCCI, S.A. declared a dividend of 24.5 cents on the dollar in
respect of all pending claims. In petitioner's case, this meant a
$67,703.42 dividend in respect of her account No. 03000571.16 Thus,
we hold that petitioner's deposit had not become worthless as of
15(...continued)
that, viewed as of the close of either year in which the taxpayer
claimed the deduction, might have become available for the
satisfaction of her claim. The Court thus denied the deduction
for the years in question.
16 The letter from the liquidator states that all
depositors who made claims against the Isle of Man Depositors
Compensation Scheme have been paid 75 percent of account
balances, up to 20,000 pounds sterling. Petitioner calculated
the amount of her deduction based upon having been paid 15,000
pounds sterling by the Isle of Man Depositors Compensation
Scheme. This contributes further uncertainty as to the value of
the debt in 1991.
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