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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Kaye Thomas who wrote (2180)4/27/1999 1:59:00 PM
From: jbn3  Read Replies (2) of 5810
 
Kaye,

Thank you so much for your answer to my question on valuation for tax purposes of gifted stock (XON). Although you apologize for a 'rather late response', I know that this is a 'rather busy' time of year for you, and deeply appreciate your taking time to answer my query. You were quite correct in your assessment that this was not an urgent question. The following question is also not urgent.

In your response you stated
c) The amount the parents can transfer without making a taxable gift is based on the value of the stock and has nothing to do with their basis. It's worth noting, though, that even if the gift exceeds $20,000, there won't be any current federal gift tax unless the parents have already made taxable gifts of at least $650,000. They should consult an estate planner to be sure, but it probably is not a disadvantage for them to make a larger gift if that is what they want to do.

Were we mistaken in believing that the most that one can donate annually tax-free to a single recipient is $10,000. Or is the $10,000 annual figure in addition to the $650,000 limit?

NOT urgent! When and if you have time. In the meantime, I'll try to find the answer on your neat website!

Thanks again for your help.

Bachman Nabors

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