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If it is really a stinker, you probably want to sell it.

Without more information, I cannot tell you what the implications will be.

I can tell you however, that the value of the stock at the time it was gifted to you is not relevant.

You need to know the basis of the stock in the hands' of your friend, as well as when he obtained that stock. His stock basis will transfer over to you, as well as his holding period.

If he was in the stock before two take-overs, his basis might be very low...

Mike Lynch
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