I finished reading your tax book and it generated two questions. They relate to whether a stock is long or short term.My father made a $10,000 gift to me in the form of stock. The stock was WalMart which he had held for several years. When the stock was given to me does it get a new purchase date or does it keep his original purchase date?My second question is similar. My mother passed away last year and the distribution of her estate to me was in the form of WalMart stock. Does it keep her original pruchase date or does it get a new one?I sold stock from both situations and so the capitol gain would be short term unless it keeps the original purchase date.
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