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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (1587)12/11/1998 1:02:00 PM
From: RavMan  Read Replies (1) of 5810
 
No not quite. You must transact in a bona-fide arm's-length sale of
the shares, including paid compensation at a fair market value AND
the mechanical transfer to a non-related friend's account.

COuld you please explain in lay man's terms. The FMV ie. fair market
value of stock is 0 currently and yes I will transfer it to a
non related friend's account. When you say mechanical transfer does that mean that I can write a letter to my broker and ask him to
transfer shares to his(my non related friend) account. Also when you say paid compensation do you mean the money I paid to buy those securities?

Please clarify the following sentence esp. if you can ..
"You must transact in a bona-fide arm's-length sale of
the shares, including paid compensation..."

Thanks again.

PS. Sorry about bugging you repetitively.
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