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Author: mohdig Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121096  
Subject: Tax on Inheritance Date: 6/26/2007 11:45 AM
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My son this spring inherited from a friend 10,250 shares of the local gas utility with a market value of about $250,000. The will is currently in probate; he anticipates settlement by probably early next year. The dividends amount to about $1000 a month,which he understands is accruing to him. He has been advised to consult a tax professional with regard to his probable tax liability, which he is in the process of doing. I think he will owe taxes on the dividends for this year, even though he will probably not receive them until next year. His major concern is the taxes on the value of the stock. I'm sure a bequest of this kind falls under different rules than a family inheritance. Would appreciate any information anyone may have.

Bill M
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