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To: Terry Whitman who wrote (6575)	2/17/1999 9:54:00 PM
From: Monty Lenard	Read Replies (1) \| Respond to of 99985

*OT-* You're an accountant, right. How bout some free advice. -g- If I sell my son's MCD stock, in a custodial acct., for a ($50/sh) gain- Will I have to pay the gains, or can he file separately? He is only 4 and has no other income (exc small int.& div) Don't know if SI will let me post a message long enough to answer your question. <g> The minor can file a return but that is not all that is involved. Depending on your tax bracket and the total amount of the gain(you did not tell me how many shares x the $50/share gain) part of the gain may be taxed at your tax rate. There are special rules for children under 14 with CG & interest/dividend income in excess of $1400. Look at form 8615 which would become part of his/her return then go to a good accountant <g>(BTW, a local one that you can sit down and talk with). Be sure to get references or check him/her out as there are some flakes around as in any other profession. I am not trying to be vague but there is just not enough info to accurately answer your question. I could go on and on but would be useless without more specifics. Monty

To: Terry Whitman who wrote (6575)	2/17/1999 10:34:00 PM
From: Satish C. Shah	Read Replies (2) \| Respond to of 99985

I am not an accountant, but I have come across this problem. The answer is no, till the age of 14 (your sons) you have to include his gains in your taxes. If some body knows differently, please let me know, too. Regards, Satish