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To: theRedDog who wrote (6591)2/18/1999 1:42:00 AM
From: Satish C. Shah  Respond to of 99985
 
You wrote, " I don't think this is accurate.

The way I understand it is as follows:

The first $750 (the amounts might be slightly different) in gains are tax exempt.

The second $750 are taxed at your son's rate (15% if my memory serves me well)

Gains over $1500 are taxed at the parent's rate. (Your rate)"

Thanks a lot.
I will double check for this year, if need be may even call IRS to clear the matter.
Thanks again.
Regards,
Satish