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In view of the number of investment frauds recently discovered, and the potential scope of the losses, the Internal revenue Service recently adopted a Revenue Ruling (#2990-9) and Revenue Procedure (#2009-20) aimed at avoiding difficult issues of proof as to how much income reported in prior years was fictitious. The new safe harbor procedure applies to losses discovered in a tax year beginning after December 31, 2007. It allows a deduction of 95% of the loss for investors with no potential third-party recovery, and of 75% for investors with potential third-party recovery.

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