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Visitor II

Can capital loss carryover be used to offset capital gains from selling stock that was as a gift?

My parent has a large capital loss carryover ($1 million) from his stock investments.  My own stock investments currently has an unrealized gain of $300,000.  If I gifted my appreciated stock to my parent who then sells it, would his capital loss carryover offset the $300,000 capital gain from the sale of the stock and therefore owe no taxes on it?