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