I know I am not the first to think of this. But, if you bought bonds for .10 or .20 on the dollar from Puerto Rico or Venezuela. And they defaulted or declared bankruptcy, how would that be treated on your tax return? Would you declare a $1 loss because that is the redeemable face value? Or $2.50 because of the high interest rates on the bond. Or would you declare a loss of .10 because that is what you paid? Or.......if you paid .30 and Maduro says he will only reimburse you .10......do you declare a loss of .20 for taxes? It's been a long time since I attended Accounting 101 and 102.