Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Peter, did you notice the OP said that the stock was actually bought in his name from the get-go? I assume that would change things, right?

Yes, I did. And I kind of skirted the issue.

The question is when did the gift happen? When was the gift complete? When did the donor give up irrevocable control over the gift?

And that concerned me a bit. I noticed that the OP said the donor held onto the stock certificate for several weeks. That makes me question whether the gift was complete when the stock was purchased or when the paper certificate was finally transferred to the recipient.

Could the donor have converted that certificate back into his own funds? Was the gift irrevocable at the time the stock was purchased?

I don't know that one. So I gave the stock answer for gifts and just let the other question lie unasked and unanswered.

--Peter
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.