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Several years ago I opened a Unified Gift To Minors mutual fund account for my son then about 15 years old. This year (he is 23 now), for reasons I wont go into, he decided he no longer wanted the account. He signed the transfer papers and all the funds were transferred to a new joint account in my and my wife's name. The original investment was $1200. It has since grown to about $4000. About $200 have been paid in capital gains declared over the last 8 years. My question is: Do I owe any tax due to the transfer this year or only when I sell it a few years from now?
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