Just a couple of other twists.

If you physically can't take possession of a gift, but in every other way
the gift transaction is complete, then the IRS may be inclined to be
lenient.  A couple of years ago they issued an opinion -- technically
only applying to the people who sought it -- involving a museum whose
building wasn't completed yet.  The donors got their tax deduction, even
though they still had physical possession of the gift.

If there are extenuating circumstances, you may also find them lenient.
For example, in one instance neither the donor nor the donee wanted the
gift transported by truck across the Rockies during the winter.  An IRS
agent said "don't quote me, but we'd probably look the other way."

All of which goes to reinforce what everybody is saying -- getting the
gift in your hands by December 31 is clearly the best way to go.

Happy holidays.

Andy Finch
AAM Government Affairs
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