I have an opportunity to participate in a high risk IPO with the company that my brother works for. E-Trade is doing the offering. However, some of my friends want a piece of the action but they don't have an account with E-Trade. They will not have enough time to open one in time either. What I can do is buy the IPO with E-Trade then pass the shares to my friends. 1. When I pass the shares to my friend -- at the same price I pay for it -- how is the tax distributed? 2. How do I pass the shares to them (question for E-Trade)?
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