Stock "spin-offs"

[Bobby Goins]

How does one handle stock "spin-offs"?

For instance, I have some General Motors stock.  General Motors "spun 
off" Raytheon and Delphi.  I received stock in each of these companies.

I don't know how to handle the new stock.  Do I:
     - treat it as a gift, or 
     - consider it as part of income (such as dividends)?

I have no problem in taking care of subsequent transactions concerning 
the new stock.  My problem is how to handle the "creation" of the stock 
in my portfolio.

Bob