Hello,
I was just wondering what the tax implications of this situation would be. I had interest in purchasing shares in a company a few months ago, but at the time I did not have an online trading account. As to avoid purchasing them at a higher price, my stepfather who did have an account then purchased them on his account for $5,000. We agreed that he would transfer them to me once I had set up my own trading account for the price at which he purchased them. The shares have now appreciated to a value of $35,000 and I now have my own account. If my stepfather were to transfer the shares to me now, would the capital gains be added to his income, or because we had an agreement to dispose of the shares from the date at which he purchased them, would the capital gains be added onto my income upon selling them? Apologies if I have not been clear.
Thank you.
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