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Wed, 17 Dec 1997 16:58:25 -0600 |
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A gift requires that an offer be made, that the offer be accepted, and that
there be a transfer of property. In some cases the courts have accepted
transfer of control of the property (i.e., the key to the storage area where
the property is kept). If your museum has internal procedures for
acceptance (like board approval) that must also be completed before the end
of the year.
Sorry,
Janice
Janice Klein
Chair, RC-AAM
Registrar, The Field Museum
[log in to unmask]
At 10:12 PM 12/15/97 GMT, you wrote:
>What is the rule on giving gifts to the museum at the end of the year and
>being able to take the income tax deduction? Does the gift have to be in
>possession of the museum by the end of the year, or is a verbal or written
>proposal of the gift (and perhaps written agreement to accept) necessary for
>the deduction to be honored. Thanks for your help.
>
>Gail Kana Anderson
>Fred Jones Jr. Museum of Art
>The University of Oklahoma
>[log in to unmask]
>405.325.3272; fax 405.325.7696
>
>
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