Tax on a gift of stock

A

AllenW

Hi
I received some stock as a gift and was wondering how to report it or if it should be reported.
It's value is well below its original purchase price both for the giver and myself---price has dropped since I received it.

I am assuming that I must report it as income but can I claim a loss as well. I have sold most of it and have bought some other stock and futures with the proceeds but have not withdrawn any from the account.

Any suggestions or can someone point me to a good source of info.?

Thanks
 
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