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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Terry Whitman who wrote (6575)	2/17/1999 9:54:00 PM
From: Monty Lenard	Read Replies (1) of 99985

*OT-* You're an accountant, right. How bout some free advice. -g- If I sell my son's MCD stock, in a custodial acct., for a ($50/sh) gain- Will I have to pay the gains, or can he file separately? He is only 4 and has no other income (exc small int.& div) Don't know if SI will let me post a message long enough to answer your question. <g> The minor can file a return but that is not all that is involved. Depending on your tax bracket and the total amount of the gain(you did not tell me how many shares x the $50/share gain) part of the gain may be taxed at your tax rate. There are special rules for children under 14 with CG & interest/dividend income in excess of $1400. Look at form 8615 which would become part of his/her return then go to a good accountant <g>(BTW, a local one that you can sit down and talk with). Be sure to get references or check him/her out as there are some flakes around as in any other profession. I am not trying to be vague but there is just not enough info to accurately answer your question. I could go on and on but would be useless without more specifics. Monty

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