  We study target mass effects in the polarized virtual photon structure
functions $g_1^\gamma (x,Q^2,P^2)$, $g_2^\gamma (x,Q^2,P^2)$ in 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 $g_1^\gamma
(x,Q^2,P^2)$ and $g_2^\gamma (x,Q^2,P^2)$ 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
$x_{\rm max}(=1/(1+\frac{P^2}{Q^2}))$, the maximal value of $x$, as the ratio
$P^2/Q^2$ increases. Target mass effects for the sum rules of $g_1^\gamma$ and
$g_2^\gamma$ are also discussed.
