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I haven't had any luck with the IRS website, the Strategies Board FAQ nor the Fool search engine so I thought I'd just ask.

I understand that the gift-tax liability is based upon the (averaged) value of the stock on the day of the gift. My question is, what constitutes "the day of the gift"?

My impression is that it can take a while for the stock actually to be transferred after the instruction is given to the broker. Is the valuation then the date of the instruction or the date of the transfer?

I've seen a post which stated that, for charitable gifts, the stock is valued on the day the stock is actually sent to the donee. Is that the case for non-charitable gifts as well? If so, how does one find out when the stock was finally transferred so the taxes can be calculated?

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