Michael Ferguson and Valene Ferguson - Page 18

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          Lynch's process for receiving clearance to sell or transfer the             
          shares “took upwards of two weeks”.  Indeed, the authorizations             
          to transfer the stock to the Charities are dated September 9,               
          1988.  The donation-in-kind receipt from the Church received by             
          petitioner Michael Ferguson provides that the date of donation              
          for the 30,000 shares of AHC stock was September 9, 1988.  The              
          statements of changes in beneficial ownership of securities                 
          forwarded to the Securities and Exchange Commission by Billy G.             
          DuPree, Jr., indicate that the gifts occurred on September 9,               
          1988.  Furthermore, petitioners have failed to explain how the              
          gifts to the charitable foundations occurred on August 15, 1988,            
          and August 21, 1988, respectively, when the foundations were                
          formed on or about August 26, 1988.  Considering the substantial            
          documentary evidence, petitioners have failed to persuade us that           
          depositing stock in their brokerage accounts with instructions to           
          Brett Floyd to transfer some of the stock to the Charities                  
          constituted the unconditional delivery of stock to a charitable             
          donee's agent pursuant to section 1.170A-1(b), Income Tax Regs.             
               In the alternative, petitioners, relying on Richardson v.              
          Commissioner, T.C. Memo. 1984-595, assert that petitioners'                 
          transfer of the AHC stock to Brett Floyd created a voluntary                
          trust that completed the gifts on the date of delivery.  In light           
          of our conclusion that Brett Floyd acted as petitioners' agent,             
          we reject petitioners' alternative argument.                                

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