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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 (834)	3/30/1998 1:11:00 AM
From: KYA27	Read Replies (2) \| Respond to of 5810

Question: If you gift someone say a stock you just bought thru an ipo, and at that time you paid $5000, and now its worth over $10,000 is there some type of gift tax needed to be paid? Is the giftee's cost basis what you paid or what it was worth when the gift transaction was made? What would you use as the date of purchase?? thanks in advance kya

To: Colin Cody who wrote (834)	3/30/1998 9:07:00 AM
From: Richard Forsythe	Read Replies (1) \| Respond to of 5810

Bear in mind that your income would be paid gross! Anyway, on a different subject, do you know what the rules wrt options and wash sales. The official docs talk about materially the same security, but what does that mean for options? Can I sell my INTC Jan99 95Calls at a loss and buy (same day) Jan00 80Calls without invoking the wash sale clause? I'm assuming I will hold the Jan00 calls through to next year. Any info would be gratefully received... Richard