If I exercise underwater ISOs, can I claim a loss?
No, because you didn't lose anything. When you exercise ISO "at loss" you're buying stock without a discount, that's it.
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction:
If I exercise underwater ISOs, can I claim a loss?

### Response:
No, because you didn't lose anything. When you exercise ISO "at loss" you're buying stock without a discount, that's it.