A child can be a parent’s dependent if under age 24 and a full-time student who does not provide more than half of his/her support. A full-time student means the child is enrolled in school on a full-time basis for at least part of five months during the year. You must decide whether your son meets these tax requirements to be treated as your dependent.
A mutual-fund distribution allocated to gains realized on the sale of fund portfolio assets. You report the distribution as long-term capital gain even if you held the fund shares short term.