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Posted by A.G. Kalman on October 22, 2006, 5:36 am
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citysite@yahoo.com wrote:
> I have shares which have gone up in value. I wish to gift
> them to my son. There will be no gift tax since the value
> is less than $11K.
>
> If he sells the shares, what will be his cost basis?
Your basis transfers to your son. The amount of the annual
gift exclusion is now $12000. You didn't tell us the age of
your son. The tax ("Kiddie Tax") on investment income of
minor children now extends to children that are under age 18
(used to be age 14).
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