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Subject:  Transfer stocks to nephews Date:  11/17/1998  9:05 PM
Author:  TaffyDoo Number:  6354 of 127614

I have 2 nephews (6&10) that I opened brokerage accts for but have not yet funded. I would like to know the tax ramifications for me if I transfer some stocks I now own to them. Specifically, I have some short&long term capital gains this year that I need to offset with either selling some lagging stocks that need time to recover (oil service) or transferring them to the youngsters accts. Would transferring them give me the loss I need to offset my gains, or would it just give my nephews the benefit when they recover and sell them? The stock current value would be approx $2k each child, although I paid approx $4k.
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