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SPECIAL GIFT SITUATIONSwhich has the effect of reserving to, or retaining in, the donor a right tothe use, possession, or enjoyment of the property. 494These rules do not apply with respect to a transfer of an undivided presentinterest in property. For example, a contribution of an undivided one-quarterinterest in a painting with respect to which the charitable donee is entitled topossession during three months of each year is treated as made upon receipt bythe donee of a formally executed and acknowledged deed of gift. The period ofinitial possession by the donee may not, however, be deferred in time for morethan one year. 495Thus, these rules do not apply with respect to a transfer of a future interestin intangible personal property or of a transfer of a future interest in real property.496 A fixture that is intended to be severed from real property is, however,treated as tangible personal property. 497 For example, a contribution of a futureinterest in a chandelier attached to a building is considered to consist of a futureinterest in tangible personal property if the transferor intends that it be detachedfrom the building at or prior to the time when the charitable organization’s rightto possession or enjoyment of the chandelier is to commence. 498In the case of a charitable contribution of a future interest, the other rules ofthe law of charitable giving are inapplicable to the contribution until the time thecontribution is treated as made under these rules. 499These rules may be illustrated by the following examples:EXAMPLE 9.11On December 31, 2005, A, an individual who reports his income on the calendar year basis,conveyed title to a painting by deed of gift to a museum, but reserved to himself the right to use,possess, and enjoy the painting during his lifetime. There was no intention on A’s part to avoidapplication of the partial interest gift rules a by the conveyance. At the time of the gift, the valueof the painting was $200,000. Because the contribution consisted of a future interest in tangiblepersonal property in which the donor retained an intervening interest, A did not make adeductible charitable contribution to the museum in 2005. baIRC § 170(f)(a)(A). See § 9.23.bReg. § 1.170A-5(b), Example (1).EXAMPLE 9.12The facts are the same as in Example 9.11, except that on December 31, 2006, A relinquishedall of his right to the use, possession, and enjoyment of the painting, and delivered the paintingto the museum. The value of the painting had increased to $220,000. A is treated as havingmade a charitable contribution of $220,000 in 2006 for which a deduction is allowable(without regard to the partial interest gift rules). aaReg. § 1.170A-5(b), Example (2).494 Reg. § 1.170A-5(a)(4).495 Reg. § 1.170A-5(a)(2).496 Reg. § 1.170A-5(a)(3).497 IRC § 170(a)(3), last sentence; Reg. § 1.170A-5(a)(3).498 Reg. § 1.170A-5(a)(3).499 Reg. § 1.170A-5(a)(5). 334