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3. Valid Inter Vivos Gift
The requirements of a valid inter vivos gift must be met if
the purported gift is to qualify as a charitable contribution
under section 170(a). Ferguson v. Commissioner, 108 T.C. at 254;
Guest v. Commissioner, 77 T.C. 9, 15-16 (1981).13 Generally, the
delivery of a gift of stock is “complete upon relinquishment of
dominion and control of the stock by the donor, which [occurs]
upon actual transfer on the books of the issuing corporation.”
Ferguson v. Commissioner, 108 T.C. at 255; see also Londen v.
Commissioner, 45 T.C. 106, 110 (1965); sec. 1.170A-1(b), Income
Tax Regs.
There is no dispute regarding whether petitioners made a
completed gift, at least in form, of their warrants to purchase
NMG stock. With respect to the timing of that gift, the parties
stipulated that “On November 9, 1993, Arbeit executed an
assignment of rights under the Arbeit NMG Warrant for the
purchase of 772.14 shares of NMG class A common stock to four
organizations”, that counsel for NMG mailed each of the donees a
13The elements of an inter vivos gift are: (1) Delivery,
(2) intention to make a gift on the part of the donor, and (3)
absolute disposition by him of the thing which he intends to give
to another. Oehler v. Falstrom, 142 N.W.2d 581, 585 (Minn.
1966); see also Carrington v. Commissioner, 476 F.2d at 709 (“A
gift of stock between competent parties requires donative intent,
actual delivery, and relinquishment of dominion and control by
the donor.”); Madison Trust Co. v. Skogstrom, 269 N.W. 249, 250
(Wis. 1936) (elements are: (1) Intention to give; (2) delivery;
(3) end of dominion of donor; (4) creation of dominion of donee).
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