Tax consequences of transfer of Stock

I gave some money to a friend two years ago to have him buy some stocks for me, the stock is under his name and now he is ready to transfer the stocks back to me. What are the tax implication for both of us ?


TIA,
rob

If all of the amounts are under $10,000, there should be no gift tax implications. Who reported the income?

Thanks for your reply.

No one has claimed any income so far, since there has not been any. By the way, I read somewhere that, if my friend was acting as my nominee in buying the stock (I wasn't making a gift to him)then I should be treated as the owner at all times even though title was held in my friend's name. There should be no tax implications(even over $10,000) to the transfer, since I was not transferring true ownership (which was always mine). I was only transferring title. Is this true?

TIA,
rob