WHAT TO GIVE BABY for Christmas - booties, a blanket or social security card? A social security card? John R. Driscoll, executive vice president of the American Society of Chartered Life Underwriters and Chartered Financial Consultants, says a proposed tax law revision would require parents to obtain social security numbers for children five years of age or older.

The idea is to help the IRS track children claimed as dependents on more than one return. But, Mr. Driscoll notes, the idea may not be all that bad for business. A social security number is, after all, a tot's ticket to making

investments and opening bank accounts.Even now, there are potential problems for children without social security cards who may be given securities or bank accounts as gifts. To get a card parents may apply by mail or fill out a form SS-5 at a local social security administration office. They should be prepared to present a birth or baptismal certificate or vaccination record.

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