  We discuss target mass effects in the polarized virtual photon structure
functions $g_1^\gamma (x,Q^2,P^2)$, $g_2^\gamma (x,Q^2,P^2)$ for the kinematic
region $\Lambda^2\ll P^2 \ll Q^2$, where $-Q^2 (-P^2)$ is the mass squared of
the probe (target) photon. We obtain the expressions for the structure
functions in closed form by inverting the Nachtmann moments for the twist-2 and
twist-3 operators. Numerical analysis shows that target mass effects appear at
large $x$ and become sizable near the maximal value of $x$, as the ratio
$P^2/Q^2$ increases. Target mass effects for the QCD sum rules of $g_1^\gamma$
and $g_2^\gamma$ are also investigated.
