I have asked the question of the IRS and here is what they told me:

Generally, a deduction is allowed for the year in which the gift is
completed.  Also, generally, physical possession is necessary to complete
the gift.  The IRS has allowed exceptions, but only for special
circumstances.  Simply signing a Deed of Gift does not complete the gift.

Andy Finch
AAM Government Affairs
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On Thu, 16 Nov 1995 [log in to unmask] wrote:

> As is to be expected at this time of year, several donors are approaching our
> Museum with potential gifts, eager to see them reflected in the 1995 tax year.
> Am I correct to tell them that it is the date they sign the Deed of Gift form,
> rather than the date the object(s) in question physically arrive on the Museum
> premises, that determines the year in which the tax deduction may be taken? If
> the gifts arrive after Jan 1, 1996, may they still be '95 gifts, if the deed
> was signed over on or before Dec 31, 1995?   Thanks for your experienced
> input.   -S.
>
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>    Stephen B. Ringle, Registrar             [log in to unmask]
>    University of Maine Museum of Art
>    5712 Carnegie Hall, Room 109              vox: 207-581-3257
>    Orono, Maine   04469-5712                 fax: 207-581-3083
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