Kevin is quite correct. Physical possession is secondary; what is critical is
that LEGAL ownership must have been transferred prior to the end of the year
for which the tax receipt has been issued. This is VERY important to document
in a way that will stand up to a legal challenge. Issuance of the actual tax
receipt, at least in Canada, may be made in the following fiscal year. This
gives the poor old museum director a bit of a break, when an unusual object is
donated near the end of a calendar year and valuation, for tax purposes, is
problematic. The actual dating of the tax receipt then flows from the date on
which ownership is transferred to the museum, not the date on which the
valuation is made.

In theory, at least in Canada, all certificates issued with respect to a
particular tax year (e.g., 1997) are supposed to be issued to the individuals
concerned by the end of February of the following year (e.g., February 1998).
Those of us who invest in mutual funds, however, tend not to close our books
until the end of March!

Harry Needham