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Author Topic:   receipt of stock gift
joanntim
Member 		posted 10-09-2002 07:42 PM     Click Here to See the Profile for joanntim     Edit/Delete Message
How would you record a gift of stock? Thanks.

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Pamela
Member 		posted 10-11-2002 10:38 AM     Click Here to See the Profile for Pamela   Click Here to Email Pamela     Edit/Delete Message
Verify what the tax basis and acquisition date of the stock should be with a CPA.

  1. Deposit the verified tax basis dollar amount of the gifted security as income (GIFTS RECEIVED for example) into the brokerage journal where the security will be held.
  2. Buy the security using the verified tax basis amount and date.
  3. Reprice the security as needed for current market value.

Make sure you put in a detailed memo on both the deposit and the purchase of the security for audit trail purposes.

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