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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: vireya who wrote (96898)2/18/2008 12:24:29 PM
From: Tommaso  Read Replies (1) of 206150
 
An inheritance has to come from someone who has died.

If it is transferred from ownership of a living person to another living person, it is a gift. Such a gift of one person to another has the basis of the person who gave it. I recently made a charitable gift of a mutual fund that had appreciated 500% and took a deduction for its current value. If I had given it to my daughter, and she had sold it, she would have had to pay capital gains taxes on the appreciation. That might have been less than the 15% that I would have to pay, but not much less.

It is not necessary to hire anyone to find these things out. The IRS spells out everything on their web site; the J. K. Lasser tax book is quite comprehensive; and many libraries own the entire U. S. tax code for anyone who wants to go into that.

To get back to AOG.UN, it does represent a tangible interest in producing properties, no matter what dishonest things may be done with the tax code under which it was originally created.
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