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Subject:  Closed accounts... taxable?!? Date:  2/27/2000  2:55 PM
Author:  siobhan Number:  30197 of 127613

Help! This is my second year out of college and, as part of the transition into adulthood, I took over an account into my own name that had previously been held as a custodial account through my mother (thanks, mom!).

I closed the custodial account in 3/99, and the 1999 consolidated statement is showing over $11,000 in realized proceeds! Yikes! Even though I never saw a penny of that money and immediately reinvested it all in the same exact stock under my own name, do I owe income taxes on over $11,000 "additional income"?

I don't know if this is specific enough to garner a firm answer, but I could use any hints out there!

Thanks, Fools!


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