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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Joe Basile who wrote (4120)	3/16/1998 9:18:00 AM
From: Wally Mastroly	Respond to of 42834

Joe, I'm not a tax accountant either, but I think you may be confusing income taxes with gift taxes. There is no gift tax due (by the giver) if the amount is $10,000 or less per year. The receipt of a gift is not a taxable event to the receiver. However, the receiver gets the original cost basis of the gift - for tax purposes. Not to digress any further, however, if one receives an inheritance instead of a gift, he receives it with a cost basis equal to the market value at the time of the inheritance... Now back to Bob Brinker. Good trading - Wally M.