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If my wife and I gift say $20,000 (held for over one year) ( our cost basis is about $14,000) to our son, is his cost basis the same as ours or does he have the cost basis at the time of the gift. Also, if he were to sell the funds within a year of the gift, would he incur short term gains (losses)? Thanks for any advice on this matter. (We are at 31% tax bracket and he at 15%.)
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