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    Possession of Property: completion of gift

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    By way of a letter to their nephew Charles, the Greens gave Charles a coin collection valued at $5,000. The Greens still have possession of the collection, as it is displayed in their library. Is it a gift to their nephew or can they change their mind and give it to the local coin collector's club upon their deaths?

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    Solution Preview

    Although I am not an attorney, I believe the correct answer to your question (coming from gift tax law which we use in accounting practice) is that this type of gift is what is ...

    Solution Summary

    The solution explains the concepts of complete and uncompleted gifts, and describes a procedure to insure the intention of the donors.