Legal Question in Tax Law in Florida

Tax basis of stock held in joint tenancy

I am trying to establish the tax basis of common stock owned by my aunt. Her parents originally bought the shares in the 1960's. After the death of my aunt's father, the shares were retitled in the name of my aunt and her mother in joint tenancy (WROS). Now that my aunt's mother has died, my aunt is the sole owner of the shares.

What is the tax basis of these shares and what date or dates are important in terms of establishing their value?

Thank you.

Asked on 6/02/02, 2:40 pm

1 Answer from Attorneys

Sanford Martin Martin Law Office
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Re: Tax basis of stock held in joint tenancy

Tax basis is the market price on the date of death of aunt's father, unless a different date was use in settling father's estate. That is the important date, along with the date of sale, if any, by your aunt, in order to determine capital gains.

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6/02/02, 6:45 pm

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