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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: vireya who wrote (96883)2/17/2008 9:55:46 AM
From: Tommaso  Read Replies (4) of 206146
 
No, you cannot escape taxes by giving the shares to children, although children might be in a lower tax bracket. They must use the basis of the shares when you gave them. Also, you will be subject to gift tax if the amount exceeds $11,000 in value. I suppose that giving them to charity would (in US law) have the same effect as any gift of appreciated securities. You would get a deduction for the current value of the shares.

Yes, it is possible to reach a zero basis, but that takes a long time and in the mean time you have tax-free income.
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