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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (2398)	11/17/1999 10:20:00 AM
From: Wally Mastroly	Respond to of 5810

Just thought this thread might be interested in this article(assume there are other tax ramifications in the 'details' of the agreement): bloomberg.com

To: Colin Cody who wrote (2398)	11/19/1999 12:09:00 PM
From: OFW	Read Replies (1) \| Respond to of 5810

Colin and Kaye, a question regarding a gift of stock: Assume that I gift 1000 shares of Stock A to another individual (not to a charitable organization). My basis on the stock is $1.00/share and the fair market value of the stock at the time of the gift is $5.00/share. Am I responsible for taxation on the capital gain on the $4.00/share with the new basis of $5.00 established for the recipient of the gift; or, Do I have zero responsibility for taxation on the capital gain and my original basis of $1.00/share carries over to the recipient and remains the basis for any future capital gain for the recipient is responsible. Offie