Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: gmc123 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120794  
Subject: Re: Gift of Stocks Date: 7/14/1999 12:55 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
As UU pointed out, you are stuck with the donor's basis (the basis of the person who gave you the shares). So MAKE SURE that person provided you with the PROOF of the basis (such as purchase confirmations back from 1941).

Actually, having confirmations going back to 1941 might not even be much good. Suppose this company spun off a division back in the 50's. You'd still have your original shares plus whatever shares you'd gotten of the new company. The basis in the original company would be less than $10,000 now. Further suppose you were only given the original stocks and not the ones that were spun off. How do you (or a broker for that matter) research what spinoffs and splits happened decades ago that would affect your basis in this gift?
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Reestablishing the Middle Class
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement