I bought the stock 10 years ago and my basis was $5..when i gave the stock as a gift it was selling at $65. He plans to sell the stock (he held it more than 12 months) at $75. does he owe tax on all of the $75/ share or $70 (75-5), or $10 ( 75-65)..pls advise sIn this case $75 - $5 = $70 Long Term CG. As long as your basis is less than the value on the date of the gift, and he sells for more than that, he uses your basis and total holding period. Ed
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