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Can anyone answer this? I've gotten various answers from so-called experts.

My Mom passed away 2 yrs ago, leaving us with some stock. She had put all her
children's names on the stock, as well as her own. We didn't have any control over
the stock, but if she ever wanted to sell any, we all had to sign the ok. It was willed
to us, and was considered a major part of her estate, putting her over the $650,000
cap of non-taxable. Is this stock to be considered a Gift, since it had our names on
it, subject to a cost basis of when she added our names? Or is it an inheritance, the
cost basis being the day of death? It makes a big difference when it comes to paying
capital gains, or claiming a loss, since the stock has nose-dived since her death.

My broker (I inherited her too) doesn't know diddly about this, and my tax advisor
didn't know about the names on the stock. I forgot about that, and thought they were
strictly inherited. If it was a gift, then how can it also be part of her estate, causing us
to have to pay State taxes on the amount over 650,000?
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