Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (1932)	2/24/1999 7:17:00 PM
From: Jason Rooks	Read Replies (1) of 5810

Colin, I have a cost basis question. I received 100 shares of a stock from my dad over 2 yrs ago. I believe the shares were already owned by him and he simply transferred a portion of his holdings from his account into my acount (we use the same broker). I know that an inter vivos gift means the grantee takes the grantor's basis, as opposed to a devise in which the grantee gets the fair market value at the time of the grantor's death. I also know the IRS regs says you use First In, First Out for different lots when you sell less than all of your holdings. Now, does FIFO apply when you give stock to someone? I'd assume it does, but my dad has sold and given portions of his holding over the last 2 years and is presently unaviable to explain how he calculated his capital gains for those sales. Plus, our broker will not divulge information regarding his purchases and sales. Any thoughts or suggestions would be appreciated. Jason

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