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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (2827)4/5/2001 10:44:12 PM
From: Monty Lenard  Read Replies (1) of 74559
 
That is an easy one Jay. He would report the actual value. Same as if you paid a bill with hand grenades. He would report the FMV of the hand grenades as income. Your cost or expense would be the same price.

Or better yet...an example would be if you gave him 1000 shares of CSCO when CSCO was trading at 14 per share. His reportable income would be 14,000 and your expense would be 14,000 unless you had a higher or lower basis in the stock. In that case you could end up having a gain or loss on the exchange but his income would not change.

Monty
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