XOTC:GTAX Insider Activity 3 Filing - 1/1/2012

Effective Date 1/1/2012

FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Steel Partners Holdings GP Inc.
2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2012
3. Issuer Name and Ticker or Trading Symbol
GILMAN CIOCIA, INC. [GTAX.OB]
(Last)
(First)
(Middle)
590 MADISON AVENUE, 32ND FLOOR
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed (Month/Day/Year)
(Street)

NEW YORK, NY 10022
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $0.01 per share(1) 10,457,940
I(2)
By SPH Group Holdings LLC

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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Steel Partners Holdings GP Inc.
590 MADISON AVENUE
32ND FLOOR
NEW YORK, NY 10022
    X    

Signatures

By: Steel Partners Holdings GP Inc., By: /s/ Jack L. Howard, President 01/04/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This Form 3 is being filed by Steel Partners Holdings GP Inc. ("Steel Holdings GP") as a result of an amendment to a certain management agreement with Steel Partners Holdings L.P. whereby Steel Holdings GP assumed the power to vote and dispose of securities owned directly by SPH Group Holdings LLC ("SPHG Holdings").
(2) Shares owned directly by SPHG Holdings and owned indirectly by Steel Holdings GP by virtue of its position as the manager of SPHG Holdings. Steel Holdings GP disclaims beneficial ownership of the shares owned directly by SPHG Holdings except to the extent of its pecuniary interest therein.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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XOTC:GTAX Insider Activity 3 Filling

XOTC:GTAX Stock - Get Insider Activity SEC Filing of XOTC:GTAX stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

Content Partners
XOTC:GTAX Insider Activity 3 Filing - 1/1/2012
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