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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Personal Finance / Tax Strategies
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Author: Smufty2 ✧  😊 😞
Number: of 80 
Subject: Re: Gift Tax and Stock Basis
Date: 11/28/24 11:41 AM
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I may be wrong, but I believe this is a bit of a loophole:

Say I were to give my son 30 1kg gold bars that I bought at $1500/oz to place in a safe deposit box and keep safe for me, with instructions that if I do not need the assets before I die they become his at my death; and at my death the bars are worth $3000/oz, then this, the value of gold on the day I died, becomes his cost basis when selling since I provided him no other documentation.

Smufty
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