I understand that when gifting appreciated stock, there must be a long term gain to take the current value as a charitable deduction (otherwise if short term, the deduction is limited to cost, in which case one comes out ahead selling the stock and donating cash.)
Is there any such restriction on gifting to an individual? Client owns a stock which has more than doubled since its purchase and it will be LBO'd (purchased by a private company in a leveraged buy out) shortly. He'd like to gift some shares to his mother, who is in a low bracket, and can use the money. I googled and found no such restriction. Hard to find what hopefully doesn't exist.
JOE